GBP/USD Price Analysis: Bounces after printing a doji, as morning-star looms

GBP/USD rises 0.34%, trading at 1.2755, as soft US jobs data fuels speculation the Fed may end its tightening cycle, providing support to the Sterling.
Technical analysis indicates potential for short-term gains but highlights the importance of 1.2800 resistance.
Key support and resistance levels were identified, including 20-day EMA at 1.2819 and 100-day EMA at 1.2595.

Christian Borjon Valencia FXStreet

GBP/USD registered modest gains on Friday after a soft US jobs data report spurred speculations the US Federal Reserve (Fed) might end its tightening cycle. Nevertheless, failure to crack the 1.2800 figure would likely keep the Sterling (GBP) pressured in the medium term. The GBP/USD trades at 1.2755, a gain of 0.34% at the time of writing.

GBP/USD Price Analysis: Technical outlook

The GBP/USD has been recovering some ground in the last couple of days. Thursday’s price action formed a doji, but Friday’s bullish candlestick remains shy of completing a ‘morning-star’ bullish candlestick pattern, which could indicate further gains in the near term.

The uptrend could resume if GBP/USD achieves a daily close above April 26 daily high at 1.2772, followed by the 1.2800 figure. A breach of the latter will expose the 20-day EMA at 1.2819, followed by the 1.2900 mark. Conversely, the GBP/USD first support would be the 1.2700 figure. The break below will set the stage to test the August 3 daily low of 1.2620, followed by the 100-day Exponential Moving Average (EMA) at 1.2595.

GBP/USD Price Action – Daily chart

GBP/USD

Overview
Today last price	1.2754
Today Daily Change	0.0045
Today Daily Change %	0.35
Today daily open	1.2709

Trends
Daily SMA20	1.2898
Daily SMA50	1.2728
Daily SMA100	1.258
Daily SMA200	1.2311

Levels
Previous Daily High	1.2728
Previous Daily Low	1.2621
Previous Weekly High	1.2996
Previous Weekly Low	1.2763
Previous Monthly High	1.3142
Previous Monthly Low	1.2659
Daily Fibonacci 38.2%	1.2662
Daily Fibonacci 61.8%	1.2687
Daily Pivot Point S1	1.2643
Daily Pivot Point S2	1.2578
Daily Pivot Point S3	1.2536
Daily Pivot Point R1	1.2751
Daily Pivot Point R2	1.2793
Daily Pivot Point R3	1.2858

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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