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GBP/USD still lurking below technical resistance
The GBP/USD closed in the US last night at 1.2759. That close above 1.2750 was modestly positive, but at the same time, not conclusive. The price action seen so far today has been covered by 1.2740 to 1.2774. That session high is a new high on the week too. The noted 200 day moving average is still travelling sideways across the screen and still in place today at 1.2821. The 50 day moving average is now falling steeply and dropping ever closer to that 200 day. The 50 day is now at 1.2983. At the current rate of descent it will cross below the 200 day and if that happens it would not be ideal. The next swing in the Pound is very much dependent upon what the US monthly jobs report throws up later today and in that sense it is hard right now to see any fresh ground broken ahead of that data release, at 1.30pm GMT. The GBP/USD is currently trading at 1.2766
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