GBP/USD Price Analysis: Rises to near 1.2750 ahead of UK jobs data
GBP/USD extends its gains for the second successive session ahead of employment data release from the United Kingdom (UK), trading around 1.2740 during the Asian session on Tuesday. The pair consolidates within the rising channel pattern on a daily chart, with the 14-day Relative Strength Index (RSI) positioned above the 50 level. indicating the bullish bias.
Additionally, the momentum indicator Moving Average Convergence Divergence (MACD) suggests a confirmation of the bullish trend as the MACD line is positioned above the centreline and shows divergence above the signal line. Read more...
GBP/USD trades with mild losses below 1.2750 ahead of UK employment data
The GBP/USD pair trades with mild losses near 1.2730 during the early Asian session on Tuesday. Traders might prefer to wait on the sidelines ahead of the release of the UK employment report, which is due later in the day. In the meantime, the lower bets of the US Federal Reserve's (Fed) rate cuts this year are likely to boost the US Dollar and cap the upside for the pair.
The employment growth in the UK has been contracting last few months and it is likely to continue in May, making it easier for the Bank of England (BoE) to start lowering the borrowing costs. However, Average Earnings, a measure of wage growth, remains high and it might convince the central bank to delay its easing cycle this year. Any signs of stronger employment market data could underpin the Pound Sterling (GBP) in the near term. Read more...
GBP/USD Price Analysis: Consolidates around 1.2700 after hitting 7-day low
The British Pound extended its losses for the second consecutive trading session against the US Dollar, following last Friday’s stellar jobs report from the US, which triggered the likelihood of a less dovish Federal Reserve. That and uncertainty on the upcoming Fed’s meeting would keep Cable pressured. Therefore, the GBP/USD trades at 1.2713, down 0.01%
After struggling at around 1.2800 with key technical resistance levels, the GBP/USD tumbled below 1.2700 and printed a new seven-day low of 1.2687 before recovering some ground. Read more...
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