GBP/USD Price Analysis: Struggles at 1.2800 and tumbles toward 1.2720s post-NFP

June 7, 2024 6:05 pm

  • GBP/USD pukes following stellar US NFP data report.
  • The pair trades at around weekly lows, sellers eye 1.2694.
  • Near-term momentum favors sellers, as RSI accelerates toward the 50-midline.

The British Pound plunged against the US Dollar after the US Bureau of Labor Statistics (BLS) revealed the US jobs market remains hotter than expected, exceeding the consensus estimates, boosting the Greenback. Therefore, the pair tumbled near the week’s lows, with the GBP/USD trading at 1.2722, down 0.53%, at the time of writing.

GBP/USD Price Analysis: Technical outlook

From a technical perspective, the GBP/USD failed to clear strong resistance at the confluence of technical indicators, and sudden US Dollar strength dragged the spot prices below the low of the three-day range of 1.2740.

Momentum has shifted in sellers’ favor in the near term, with the Relative Strength Index (RSI) diving from around 64 to 54.26, about to enter bearish territory.

That said, the first support for GBP/USD would be the 1.2700 figure, followed by last Friday’s low of 1.2694. Further losses are seen beneath at 1.2680, the May 30 low, immediately followed by the May 24 cycle low of 1.2674.

Conversely, if buyers reclaim 1.2740, that could pave the way to keep the pair range-bound at around 1.2750-1.2800.

GBP/USD Price Action – Daily Chart

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the New Zealand Dollar.

USD   0.67% 0.47% 0.80% 0.43% 1.10% 1.28% 0.87%
EUR -0.67%   -0.18% 0.14% -0.24% 0.43% 0.66% 0.20%
GBP -0.47% 0.18%   0.32% -0.06% 0.62% 0.84% 0.38%
JPY -0.80% -0.14% -0.32%   -0.37% 0.29% 0.48% 0.08%
CAD -0.43% 0.24% 0.06% 0.37%   0.67% 0.91% 0.44%
AUD -1.10% -0.43% -0.62% -0.29% -0.67%   0.22% -0.25%
NZD -1.28% -0.66% -0.84% -0.48% -0.91% -0.22%   -0.45%
CHF -0.87% -0.20% -0.38% -0.08% -0.44% 0.25% 0.45%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

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