GBP/USD soaring into 1.24, set for its best trading day since March

The GBP/USD is accelerating recent gains, set to end the week near 1.2400.
The Pound Sterling is on track to chalk in its single best trading day since March.
US NFP data miss is sending the Greenback broadly lower, giving a hand to riskier assets.

Joshua Gibson FXStreet

The GBP/USD is climbing into the 1.2400 handle to cap off a trading week that saw the pair mostly flounder around the averages.

After US Nonfarm Payrolls (NFP) came in well below expectations the Pound Sterling (GBP) climbed 1.6% from Friday's opening bids near 1.2190, and the GPB/USD is up almost 2.5% from the week's lows of 1.2095.

US Nonfarm Payrolls increase by 150,000 in October vs. 180,000 forecast

US NFP figures came in below expectations, printing at its worst headline figure in almost three years. The US added 150K new jobs in October, missing the market forecast of 180K and coming in well below September's print of 297K, which was revised downwards from the initial print of 336K.

The US NFP jobs miss is sending the US Dollar (USD) lower across the broader market as investors splurge on risk assets with souring US labor data counter-intuitively inspiring investors to move out of safe havens. Softening US data will give the Federal Reserve (Fed) cause for pause on interest rates as investors look for signs that the Fed will begin accelerating the schedule for eventual rate cuts.

GBP/USD Technical Outlook

The Sterling's NFP-fueled climb sees the GBP/USD climbing straight through the 50-day Simple Moving Average (SMA), aimed directly at the 1.2400 handle and set for a challenge of the 200-day SMA currently grinding sideways from 1.2435.

The GBP/USD has been cycling between 1.2300 and 1.2100 recently, and a bearish fallback will see the pair slumping back into multi-month lows towards the 1.2000 major handle.

GBP/USD Daily Chart

GBP/USD Technical Levels

GBP/USD

Overview
Today last price	1.2382
Today Daily Change	0.0179
Today Daily Change %	1.47
Today daily open	1.2203

Trends
Daily SMA20	1.2184
Daily SMA50	1.2309
Daily SMA100	1.2551
Daily SMA200	1.2435

Levels
Previous Daily High	1.2226
Previous Daily Low	1.2138
Previous Weekly High	1.2289
Previous Weekly Low	1.207
Previous Monthly High	1.2337
Previous Monthly Low	1.2037
Daily Fibonacci 38.2%	1.2192
Daily Fibonacci 61.8%	1.2171
Daily Pivot Point S1	1.2152
Daily Pivot Point S2	1.2101
Daily Pivot Point S3	1.2065
Daily Pivot Point R1	1.224
Daily Pivot Point R2	1.2276
Daily Pivot Point R3	1.2327

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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