- GBP/USD remains firm below 1.2800, unchanged after hitting a daily high of 1.2809.
- Mixed US employment data and global rate cuts influence the current spot price of the pair.
- Key Levels: Support at 1.2755 (June 5 low), 1.2694 (June 3 low); resistance at 1.2800, 1.2817 (June 4 high) and yearly high 1.2893.
The Pound sterling holds firm during the North American session on Thursday, although it remains below 1.2800 after reaching a daily high of 1.2809 against the US Dollar. Another major central bank cut interest rates, while softer US employment data keeps the pair around current spot prices. The pair GBP/USD it is trading at 1.2772, virtually unchanged.
GBP/USD Price Analysis: Technical Perspective
GBP/USD is consolidating and remains near weekly highs but below 1.2800. Although the pair tested this latest level, it seems averse to a decisive break above that level that could push prices to the yearly high of 1.2894.
Although momentum favors buyers, as shown by the RSI, sellers are gaining traction as the RSI points lower.
That said, if GBP/USD falls below the June 5 low of 1.2755, it will expose the next cycle low seen at 1.2694, the June 3 low. On the other hand, if buyers push the exchange rate above 1.2800, the next resistance would be the June 4 daily high of 1.2817 before testing the yearly high of 1.2893.
GBP/USD Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
