GBP/USD could find it difficult to attract buyers amid cautious market mood

FXStreet Insights Team FXStreet

GBP/USD has climbed above 1.2100. Nonetheless, the pound remains fragile despite the latest recovery attempt, FXStreet’s Eren Sengezer reports.

Cable could hold its ground in case market mood improves

“Second-quarter Nonfarm Productivity and Unit Labor Costs from the US will be looked upon for fresh impetus. The IBD/TIPP Economic Optimism Index and the NFIB Business Optimism Index will also be featured in the US economic docket. In case safe-haven flows return on disappointing prints, safe-haven flows could provide a boost to the dollar and weigh on GBP/USD.”

“1.2150 (50-period SMA on the four-hour chart) aligns as first resistance ahead of 1.2175 (Fibonacci 23.6% retracement of the latest uptrend). In case GBP/USD breaks above the latter, it could stretch higher toward 1.2200 (psychological level, static level).”

“On the downside, sellers could show interest if the pair falls back below 1.2100 (Fibonacci 38.2% retracement). In that case, additional losses toward 1.2070 (200-period SMA) and 1.2050 (Fibonacci 50% retracement) could be witnessed.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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