GBP/USD Price Analysis: Climbs on USD weakness but fails to conquer the 200-DMA

GBP/USD rallied almost 1% or 114 pips on Friday, post US NFP.
Bulls struggle at the 200-day EMA, exacerbating a GBP/USD fall of 60 pips to current rates.
GBP/USD Price Analysis: The bias is bearish, but upside risks remain.

Christian Borjon Valencia FXStreet

GBP/USD recovers some ground getting ready to finish the week with minimal gains after bouncing off YTD lows at 1.1802, with buyers reclaiming 1.2000 on a mixed US jobs report. At the time of writing, the GBP/USD is trading at 1.2040, above its opening price y 1.01%.

GBP/USD Price Action

The GBP/USD has reclaimed the 1.2000 figure, but its bias has not changed. The aftermath of the US Nonfarm Payrolls report witnessed the Pound Sterling (GBP) reaching the 200-day Exponential Moving Average (EMA) at 1.2112. However, sellers stepped in and dragged the spot beneath the 1.2100 mark.

On its way south, the GBP/USD pierced under the 50-day EMA, leaving the exchange rates around familiar levels. Nevertheless, the 100 and 20-day EMAs are resting below the current prices, warranting further consolidation ahead.

For a bearish resumption, the GBP/USD needs to crack the 100 and 20-day EMAs, each at 1.2023 and 1.2010, respectively. After that, the 1,2000 figure could be grabbed, paving the way for further downside. The following support would be the 1.1900 figure, ahead of the YTD low at 1.1802.

Conversely, the GBP/USD must reclaim the 50-day EMA at 1.2056 if buyers want to remain hopeful of shifting the trend. The next resistance would be 1.2100, followed by the 200-day EMA at 1.2112.

GBP/USD Daily Chart

GBP/USD Technical Levels

GBP/USD

Overview
Today last price	1.204
Today Daily Change	0.0121
Today Daily Change %	1.02
Today daily open	1.1919

Trends
Daily SMA20	1.2015
Daily SMA50	1.213
Daily SMA100	1.201
Daily SMA200	1.1903

Levels
Previous Daily High	1.1939
Previous Daily Low	1.1832
Previous Weekly High	1.2143
Previous Weekly Low	1.1922
Previous Monthly High	1.2402
Previous Monthly Low	1.1915
Daily Fibonacci 38.2%	1.1898
Daily Fibonacci 61.8%	1.1873
Daily Pivot Point S1	1.1854
Daily Pivot Point S2	1.179
Daily Pivot Point S3	1.1747
Daily Pivot Point R1	1.1961
Daily Pivot Point R2	1.2003
Daily Pivot Point R3	1.2068

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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