GBP/USD Price Analysis: Rises to near 1.2750 ahead of UK jobs data

GBP/USD could find resistance around the psychological level of 1.2800.
The momentum indicator MACD suggests a confirmation of a bullish trend for the pair.
The 21-day EMA at 1.2712 appears as the immediate support, followed by the lower boundary of the rising channel at 1.2700.

Akhtar Faruqui FXStreet

GBP/USD extends its gains for the second successive session ahead of employment data release from the United Kingdom (UK), trading around 1.2740 during the Asian session on Tuesday. The pair consolidates within the rising channel pattern on a daily chart, with the 14-day Relative Strength Index (RSI) positioned above the 50 level. indicating the bullish bias.

Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a confirmation of the bullish trend as the MACD line is positioned above the centreline and shows divergence above the signal line.

The GBP/USD pair could find the key resistance around the psychological level of 1.2800. A breakthrough above this level could lead the pair to test the upper threshold of the rising channel around the level of 1.2970.

On the downside, the immediate support appears at the 21-day Exponential Moving Average (EMA) at 1.2712, followed by the lower boundary of the rising channel at 1.2700. A break below the latter could exert pressure on the GBP/USD pair to navigate the area around the throwback support at 1.2450.

GBP/USD: Daily Chart

GBP/USD

Overview
Today last price	1.2738
Today Daily Change	0.0007
Today Daily Change %	0.05
Today daily open	1.2731

Trends
Daily SMA20	1.2726
Daily SMA50	1.2603
Daily SMA100	1.2638
Daily SMA200	1.2546

Levels
Previous Daily High	1.2737
Previous Daily Low	1.2688
Previous Weekly High	1.2818
Previous Weekly Low	1.2695
Previous Monthly High	1.2801
Previous Monthly Low	1.2446
Daily Fibonacci 38.2%	1.2719
Daily Fibonacci 61.8%	1.2707
Daily Pivot Point S1	1.27
Daily Pivot Point S2	1.267
Daily Pivot Point S3	1.2651
Daily Pivot Point R1	1.2749
Daily Pivot Point R2	1.2768
Daily Pivot Point R3	1.2798

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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