GBP/USD Price Analysis: Consolidates below strong resistance at around 1.2800

GBP/USD remains firm below 1.2800, unchanged after reaching a daily high of 1.2809.
Mixed US jobs data and global rate cuts influence the pair's current spot price.
Key levels: Support at 1.2755 (June 5 low), 1.2694 (June 3 low); resistance at 1.2800, 1.2817 (June 4 high), and YTD high of 1.2893.

Christian Borjon Valencia FXStreet

The Pound Sterling stays firm during Thursday’s North American session, yet it remains below 1.2800 after hitting a daily high of 1.2809 against the US Dollar. Another major central bank slashed interest rates, while softer US jobs data keep the pair at around current spot prices. The GBP/USD trades at 1.2772, virtually unchanged.

GBP/USD Price Analysis: Technical outlook

The GBP/USD is consolidated and remains near the weekly highs but beneath 1.2800. Although the pair tested the latter, the pair seems reluctant to a decisive break above that level that could push prices to the year-to-date (YTD) high of 1.2894.

Even though momentum favors buyers, as depicted by the Relative Strength Index (RSI), sellers are gaining traction as the RSI aims downwards.

That said, if GBP/USD drops below the June 5 low of 1.2755, it will expose the next cycle low seen at 1.2694, the June 3 low. On the other hand, if buyers lift the exchange rate past 1.2800, the next resistance would be the June 4 daily high of 1.2817 before testing the year-to-date (YTD) high of 1.2893.

GBP/USD Price Action – Daily Chart

GBP/USD

Overview
Today last price	1.2774
Today Daily Change	-0.0012
Today Daily Change %	-0.09
Today daily open	1.2786

Trends
Daily SMA20	1.2695
Daily SMA50	1.2594
Daily SMA100	1.2637
Daily SMA200	1.2544

Levels
Previous Daily High	1.2795
Previous Daily Low	1.2756
Previous Weekly High	1.2801
Previous Weekly Low	1.2681
Previous Monthly High	1.2801
Previous Monthly Low	1.2446
Daily Fibonacci 38.2%	1.278
Daily Fibonacci 61.8%	1.2771
Daily Pivot Point S1	1.2763
Daily Pivot Point S2	1.2739
Daily Pivot Point S3	1.2723
Daily Pivot Point R1	1.2802
Daily Pivot Point R2	1.2819
Daily Pivot Point R3	1.2842

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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