GBP/USD price analysis: Pound corrects down after stellar US Nonfarm Payrolls

12/06/2019 14:36:27 GMT|ByFlavio Tosti

The Nonfarm Payrolls surprised to the upside with 266k vs. 180k forecast.
The cable is correcting down and challenging the 1.3122 level.

GBP/USD daily chart

Following November’s consolidation, the spot eventually broke to the upside hitting levels not seen since early May of this year. In the New York session, the Nonfarm Payrolls smashed market expectations with 266k vs. 180k forecast.

GBP/USD four-hour chart

After a sharp run-up, the market is correcting down as GBP/USD is testing the 1.3122 support. If bears break this level, the spot could continue the correction towards the 1.3074 and 1.3026 price levels, according to the Technical Confluences Indicator.

GBP/USD 30-minute chart

The market is challenging the 100 SMA. Bulls would need to reclaim the 1.3150 level to attract further buying and a potential run towards the 1.3211 and 1.3243 levels.

Additional key levels

GBP/USD

Overview
Today last price	1.3128
Today Daily Change	-0.0031
Today Daily Change %	-0.24
Today daily open	1.3159

Trends
Daily SMA20	1.292
Daily SMA50	1.277
Daily SMA100	1.252
Daily SMA200	1.2697

Levels
Previous Daily High	1.3167
Previous Daily Low	1.3098
Previous Weekly High	1.2952
Previous Weekly Low	1.2827
Previous Monthly High	1.2986
Previous Monthly Low	1.2769
Daily Fibonacci 38.2%	1.314
Daily Fibonacci 61.8%	1.3124
Daily Pivot Point S1	1.3116
Daily Pivot Point S2	1.3073
Daily Pivot Point S3	1.3047
Daily Pivot Point R1	1.3184
Daily Pivot Point R2	1.321
Daily Pivot Point R3	1.3253

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