GBP/USD Price Analysis: Prods monthly resistance near 1.2600 ahead of US NFP

GBP/USD picks up bids to cross short-term key resistance line during three-day uptrend.
Sustained trading beyond 21-DMA, upbeat RSI (14) keeps Cable buyers hopeful.
Pound Sterling bears need to crack 1.2320 support confluence to retake control.

Anil Panchal FXStreet

GBP/USD bulls keep the reins at the highest levels in 11 months as they poke a one-month-old resistance line near 1.2600 on early Friday. In doing so, the Cable pair rises for the third consecutive day despite sticking to mild gains amid the cautious mood ahead of the US Nonfarm Payrolls (NFP) data for April.

Given the Pound Sterling’s successful trading above the 21-DMA support, around 1.2470 at the latest, the pair buyers are hopeful of crossing the immediate upside hurdle. Adding strength to the bullish bias is the above 50 levels of the RSI (14) line, not overbought.

With this, the GBP/USD buyers are well set to challenge the mid-2022 peak of around 1.2665, which in turn highlights the 1.2700 round figure for them.

Meanwhile, a downside break of the 21-DMA support of 1.2470 isn’t an open welcome to the GBP/USD pair sellers as a convergence of an upward-sloping trend line from September 2022 and a descending trend line from late 2022, close to 1.2320, appears a tough nut to crack for the bears.

It’s worth noting that the 1.2300 round figure and August 2022 high of around 1.2290 adds to the list of downside filters for the Cable pair.

Overall, GBP/USD is like to grind higher unless the US jobs report offer positive surprise.

Also read: US April Nonfarm Payrolls Preview: Analyzing Gold price's reaction to NFP surprises

GBP/USD: Daily chart

Trend: Further upside expected

Additional important levels

Overview
Today last price	1.2584
Today Daily Change	0.0010
Today Daily Change %	0.08%
Today daily open	1.2574

Trends
Daily SMA20	1.2465
Daily SMA50	1.2288
Daily SMA100	1.2221
Daily SMA200	1.1948

Levels
Previous Daily High	1.2599
Previous Daily Low	1.2548
Previous Weekly High	1.2584
Previous Weekly Low	1.2387
Previous Monthly High	1.2584
Previous Monthly Low	1.2275
Daily Fibonacci 38.2%	1.2579
Daily Fibonacci 61.8%	1.2568
Daily Pivot Point S1	1.2548
Daily Pivot Point S2	1.2523
Daily Pivot Point S3	1.2498
Daily Pivot Point R1	1.2599
Daily Pivot Point R2	1.2624
Daily Pivot Point R3	1.2649

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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