GBP/USD technical analysis: Immediate resistance-line stops buyers targeting 100-HMA
|- Descending trend-line, 100-HMA limits upside before the key British jobs report.
- A week-long support-line and 1.2610 may entertain short-term sellers.
Gradual declines of the GBP/USD pair remains in play ahead of the UK employment data as it quotes 1.2680 while heading into the London open on Tuesday.
Forecasts suggest an improvement in the average hours including bonus to 3.4% form 3.2% and a rise in the headline unemployment rate from 3.8% to 3.9%.
Descending trend-line from Friday portrays the pair’s immediate declines and also stops it from rising near 1.2685.
On the break of 1.2685, 100-hour moving average (HMA) level of 1.2705 may flash on buyers’ radar while 1.2745 and recent tops around 1.2765 can lure them afterward.
Meanwhile, a week-long upward sloping support-line and 61.8% Fibonacci retracement near 1.2660 can be targeted if holding short positions.
However, a sustained break of 1.2660 can quickly drag prices to 1.2610 and then to late-May bottom at 1.2560.
GBP/USD hourly chart
Trend: Bearish
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