GBP/USD Price Analysis: Bounces off 10-DMA ahead of UK employment, US inflation GBPUSD Inflation Employment Technical Analysis ChartPatterns
ses the previous day’s pullback from the highest level in a month while consolidating the biggest daily loss in seven days.
That said, the 10-DMA level joins the bullish MACD signals to restrict short-term GBP/USD downside within a two-week-old rising channel. However, the UK’s job numbers and the US inflation data, as well as Wednesday’s Federal Open Market Committee , appear more important catalysts to watch for clear directions.Technically, the Cable pair’s rebound from the short-term DMA support of 1.2488 gains back-up from the upbeat oscillator to lure short-term buyers.
It should be noted that multiple hurdles marked since late April also challenge the GBP/USD bulls around 1.2580. Even if the pair buyers manage to defy the stated bullish channel formation by crossing the 1.2610 hurdle, the yearly top marked in May around 1.2680 appears the last defense of the bears.price to the stated channel’s bottom line, close to 1.2430 as we write. However, an upward-sloping support line from early March, near 1.2420, holds the ticket for the seller’s entry.
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