GBP/USD Price Analysis: Sticks to modest gains above 1.2150, eyes on US Jobless Claims

GBP/USD trades in positive territory for the second consecutive day around 1.2160 amid the USD softness.
The pair holds below the 50- and 100-hour EMAs; RSI is located above 50 in the bullish territory.
The key resistance level will emerge at the 1.2200-1.2210 zone; the initial support level is located at 1.2110.

Lallalit Srijandorn FXStreet

The GBP/USD pair posts modest gains above the mid-1.2100s during the Asian session on Thursday. In the absence of the top-tier economic data from the UK docket, the major pair remains at the mercy of the US Dollar (USD) price dynamics. GBP/USD currently trades near 1.2160, gaining 0.21% on the day.

That said, the rebound of the pair is supported by the weaker US Dollar (USD) following the softer US labor market data. Automatic Data Processing (ADP) reported on Thursday that the US private payrolls for September rose by 89,000 from the previous reading of 180,000, below the market expectation of 153,000. This figure posted the lowest level since January 2021.

Technically, GBP/USD holds below the 50- and 100-hour Exponential Moving Averages (EMAs) with a downward slope on the four-hour chart, which means further downside looks favorable. Furthermore, the Relative Strength Index (RSI) holds above 50 in the bullish territory, indicating that buyers are likely to retain control soon.

The critical resistance level for GBP/USD will emerge near the upper boundary of the Bollinger Band and a psychological round figure at the 1.2200-1.2210 region. The additional upside filter to watch is near the 100-hour EMA at 1.2257. The next barrier for the pair is seen at 1.2270 (a high of September 29). Further north, a high of September at 1.2324 will be the next stop.

On the other hand, the initial support level is located at 1.2110 (a low of September 27). The next contention level will emerge near a low of October 3, en route to the lower limit of the Bollinger Band at 1.2028. Any decisive follow-through selling below will see a drop to 1.1965 (a low of February 16).

GBP/USD four-hour chart

GBP/USD

Overview
Today last price	1.216
Today Daily Change	0.0024
Today Daily Change %	0.20
Today daily open	1.2136

Trends
Daily SMA20	1.2304
Daily SMA50	1.2541
Daily SMA100	1.2612
Daily SMA200	1.2437

Levels
Previous Daily High	1.2177
Previous Daily Low	1.2037
Previous Weekly High	1.2272
Previous Weekly Low	1.2111
Previous Monthly High	1.2713
Previous Monthly Low	1.2111
Daily Fibonacci 38.2%	1.2124
Daily Fibonacci 61.8%	1.2091
Daily Pivot Point S1	1.2056
Daily Pivot Point S2	1.1977
Daily Pivot Point S3	1.1917
Daily Pivot Point R1	1.2196
Daily Pivot Point R2	1.2256
Daily Pivot Point R3	1.2336

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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