GBP/USD keeps a mild bid tone, aiming for 1.2685

Guillermo Alcala FXStreet

The Pound picks up with the USD weighed by a mild risk appetite.
Investors are looking from the sidelines ahead of Wednesday’s US CPI data.
GBP/USD’s broader trend remains bearish while below the 1.2685 resistance

The Sterling has opened the week on a slightly bullish tone. A somewhat softer US Dollar amid the moderate risk appetite has allowed the pair to extend its recovery from post-NFP lows, returning to the mid-range of the 1.2600s.

The Positive market sentiment is weighing on the US Dollar, yet downside attempts are likely to remain limited. Investors are expected to keep a cautious tone ahead of the release of the US Consumer Prices Index data on Wednesday.

On Friday, the unexpectedly strong US Nonfarm Payrolls confirmed the strong momentum of the US economy and cast further doubt on a Fed rate cut in June. In this context, another positive surprise on Wednesday might give a fresh impulse to the US Dollar.

From a technical perspective, the pair is trading lower from early March highs. Resistance at 1.2680 is a key level to ease bearish pressure and aim for 1.2750, the 61.8% Fibonacci extension of the March selloff. Supports are 1.2575 and 1.2535.

GBP/USD

Overview
Today last price	1.2647
Today Daily Change	0.0009
Today Daily Change %	0.07
Today daily open	1.2638

Trends
Daily SMA20	1.268
Daily SMA50	1.2667
Daily SMA100	1.2667
Daily SMA200	1.2588

Levels
Previous Daily High	1.2649
Previous Daily Low	1.2575
Previous Weekly High	1.2684
Previous Weekly Low	1.2539
Previous Monthly High	1.2894
Previous Monthly Low	1.2575
Daily Fibonacci 38.2%	1.2603
Daily Fibonacci 61.8%	1.262
Daily Pivot Point S1	1.2592
Daily Pivot Point S2	1.2547
Daily Pivot Point S3	1.2518
Daily Pivot Point R1	1.2666
Daily Pivot Point R2	1.2694
Daily Pivot Point R3	1.274

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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