Pound Sterling Price News and Forecast: GBP/USD bears gain ground toward 1.2535

FXStreet Team FXStreet

GBP/USD: Reality check to push sterling lower

GBP/USD has been on the back foot as weaker parts of economic indicators take priority. US Retail Sales, BoE speculation and coronavirus figures are of interest, FXStreet's analyst Yohay Elam reports.

Key quotes: "The UK unemployment rate remained at 3.9% in May – an excellent level in absolute terms and beating expectations once again. The Claimant Count Change also surprise with a drop of around 28,000, instead of rising. However, average earnings are now down 0.3% year over year, ending an era of pay rises. GBP/USD has been extending its losses following the publication, focusing on the negatives and the potential for disinflation." Read more...

GBP/USD: Bears gain ground toward 1.2535

GBP/USD is posting -0.35% losses to 1.2545 as Thursday's 4-hour chart is showing bears are gaining ground. Yohay Elam, an analyst at FXStreet, points out that initial support is seen just below the daily low at 1.2535.

Key quotes: "Momentum on the 4-hour chart has turned negative and GBP/USD dropped below the 50 Simple Moving Average. However, it continues trading above the100 and 200 SMAs." Read more...

UK's Sharma: Jobs data would have been worse without govt support

In an interview with BBC on Thursday, the UK Business Minister Alok Sharma commented on the latest labor market report released in the last hour.

Key quotes: "If we hadn't provided this support, we would be in a far worse position." "The cost of inaction would have been much greater than the cost of action."

GBP/USD reaction

GBP/USD is unfazed by the above comments, as it nurses losses around 1.2550. The upbeat UK jobs data failed to offer any respite to the GBP bulls, as the major fell as low as 1.2536 post-the release. Read more...

GBP/USD

Overview
Today last price	1.256
Today Daily Change	-0.0028
Today Daily Change %	-0.22
Today daily open	1.2588

Trends
Daily SMA20	1.2481
Daily SMA50	1.2441
Daily SMA100	1.2426
Daily SMA200	1.2704

Levels
Previous Daily High	1.265
Previous Daily Low	1.2549
Previous Weekly High	1.267
Previous Weekly Low	1.2463
Previous Monthly High	1.2813
Previous Monthly Low	1.2252
Daily Fibonacci 38.2%	1.2611
Daily Fibonacci 61.8%	1.2587
Daily Pivot Point S1	1.2541
Daily Pivot Point S2	1.2495
Daily Pivot Point S3	1.2441
Daily Pivot Point R1	1.2642
Daily Pivot Point R2	1.2696
Daily Pivot Point R3	1.2743

Author

FXStreet Team

FXStreet

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