GBP/USD remains on the back foot around 1.2430 as it stretches the post-NFP reversal from a three-week high during the early hours of Monday’s Asian session. The Cable pair drops below the 50-DMA support while extending the previous day’s U-turn from a horizontal resistance area
However, the looming bull cross on the MACD indicator highlights the importance of an upward-sloping support line from mid-May, close to 1.2360 by the press time.
Even if the GBP/USD price drops below 1.2360, the 100-DMA support of around 1.2300 could act as the last defense of the bulls.
On the contrary, the 50-DMA and the aforementioned resistance area, respectively near 1.2460 and 1.2540-50, cap the GBP/USD pair’s recovery.
GBP tends to decline after USD is on the way to recovery after May nonfarm payrolls report showed increased jobs, investors weighed the possibility that the US Federal Reserve (Fed) could skip the interest rate hike in June
However, the looming bull cross on the MACD indicator highlights the importance of an upward-sloping support line from mid-May, close to 1.2360 by the press time.
Even if the GBP/USD price drops below 1.2360, the 100-DMA support of around 1.2300 could act as the last defense of the bulls.
On the contrary, the 50-DMA and the aforementioned resistance area, respectively near 1.2460 and 1.2540-50, cap the GBP/USD pair’s recovery.
GBP tends to decline after USD is on the way to recovery after May nonfarm payrolls report showed increased jobs, investors weighed the possibility that the US Federal Reserve (Fed) could skip the interest rate hike in June
Comment:
+ 70 Pips Close All
✅𝖳𝖯1 1.2500
✅𝖳𝖯2 1.2520
✅TP3 1.2550
🛑𝖲𝖫 1.2400