Pound Sterling Price News and Forecast: GBP/USD remains on the defensive

FXStreet Team FXStreet

GBP/USD Forecast: Pound Sterling awaits NFP data to determine next direction

GBP/USD closed in positive territory on Thursday but failed to attract additional buyers early Friday. The pair was last seen fluctuating below 1.2600, with market focus shifting to November labor market data from the US.

Improving risk mood caused the US Dollar (USD) to lose interest on Thursday and helped GBP/USD register small daily gains. Early Friday, US stock index futures trade mixed, suggesting that investors stay cautious. Read more...

GBP/USD remains on the defensive, with bulls capped below 1.2600

The Pound maintains the weak tone seen over the whole week, with upside attempts capped below the previous support at 1.2600 with all eyes on the US Nonfarm Payrolls report due later today. The European calendar is light today, with only the UK Consumer inflation expectations worth mentioning. although the impact on the Pound is likely to be minor.

The spotlight today is on the US Nonfarm Payrolls report which is expected to show a slight increase in job creation in November. Earlier this week, the US JOLTs job openings and ADP employment report disappointed boosting expectations for Fed rate cuts in March 2024, although the US Dollar has remained moderately bid. Read more...

GBP/USD

Overview
Today last price	1.2584
Today Daily Change	-0.0006
Today Daily Change %	-0.05
Today daily open	1.259

Trends
Daily SMA20	1.2534
Daily SMA50	1.2332
Daily SMA100	1.2467
Daily SMA200	1.2483

Levels
Previous Daily High	1.2613
Previous Daily Low	1.2544
Previous Weekly High	1.2733
Previous Weekly Low	1.2591
Previous Monthly High	1.2733
Previous Monthly Low	1.2096
Daily Fibonacci 38.2%	1.2587
Daily Fibonacci 61.8%	1.257
Daily Pivot Point S1	1.2552
Daily Pivot Point S2	1.2514
Daily Pivot Point S3	1.2483
Daily Pivot Point R1	1.262
Daily Pivot Point R2	1.2651
Daily Pivot Point R3	1.2689

Author

FXStreet Team

FXStreet

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