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.
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
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
