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GBP/USD again avoids a technically negative close

On Friday afternoon the much better than forecast US jobs report delivered another fall below 1.26 in the GBP/USD. That fall then extended to below its 200 day moving average (then at 1.2588) once more. However, the dollar then handed back its payroll led gains and that allowed the Pound to recover and once again, avoid a technically negative daily and weekly close below that level. The GBP/USD later closed in the US at 1.2638. The range seen so far today has been tight, with 1.2615 to 1.2640 covering it so far. That 200 day moving average remains in place this morning, unchanged at 1.2588. On the topside we have the 50 day moving average at 1.2666 and the 100 day moving average at 1.2668. So it looks like 1.2588-1.2668 has it surrounded for the time being. The GBP/USD is right now trading at 1.2630

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