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GBP/USD steady in tight range below technical resistance

The fall below its 200 day moving average last week in the GBP/USD delivered a low at 1.2446 on Thursday. The better than forecast UK Q1 GDP report on Friday helped to lift the Pound close to that moving average (then at 1.2543). However, as reported the Pound was unable to vault that level and topped out at 1.2541. The relapse from that level did hold the 1.25 handle though and the GBP/USD later closed the week in the US at 1.2525. That 200 day moving average is in place today at 1.2542 and so far it has capped the topside. In fact, it has not been put to the test yet either. The range seen ahead of the European opening has been tight (1.2518-1.2531). The latest UK monthly and quarterly jobs report is due out tomorrow (6am GMT) and that is very much going to be on the radar, because of the significant drop in payrolls seen last month. There will be more to add on that between now and then. Meantime, the GBP/USD is currently trading at 1.2529

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