The Pound Sterling tumbled in early trading during the North American session, dropping below the 1.2500 figure amid renewed US Dollar strength.
GBP/USD drops 0.30%, US Dollar rises on positive US trade and labor data. The GBP/USD struggles below 200-DMA at 1.2550, trending down. RSI indicates bearish momentum; sellers control the market. Recovery above 1.2500 could retest 200-DMA, with resistance at 1.2569 and 50-DMA at 1.2613. Data from the United States showed that the Balance of Trade deficit tightened while the labor market remained tight, as revealed by the Initial Jobless Claims report. The GBP/USD trades at 1.2488, down 0.30%.
Momentum points to a continuation of the downtrend, as the Relative Strength Index turned bearish on April 30. As of writing, it aims downward, meaning sellers remain in charge. On the other hand, if buyers reclaim 1.2500, they must reclaim the 200-DMA ahead of testing the April 29 high at 1.2569. Once cleared, the next stop would be the 1.2600 mark, followed by the 50-DMA at 1.2613. Further gains are seen above the 100-DMA at 1.2644.
Majors Technical Analysis Chartpatterns
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Price Analysis: Tumbles below 1.2500 as bears cut bulls hopes shortDuring the mid-North American session, the Pound Sterling retreats and registers losses against the US Dollar, slumping below 1.2500.
Read more »
GBP/USD Price Analysis: Wavers below 1.2500 as bearish harami loomsThe Pound Sterling is virtually unchanged against the US Dollar following the release of mixed Purchasing Managers Index (PMI) data from S&P Global and the Institute for Supply Management (ISM).
Read more »
GBP/USD Price Analysis: Drops below 200-DMA, at cross-roads to resume downtrendThe Pound Sterling reverses its course against the US Dollar, after extending its gains past the 200-day moving average (DMA).
Read more »
GBP/USD Price Analysis: Extends recovery above 1.2500, but bears loom around 200-DMAThe Pound Sterling resumed its advance against the US Dollar, climbing more than 0.40% and trading at 1.2518.
Read more »
GBP/USD Price Analysis: Advances to near 1.2550 with expectations of a momentum shiftGBP/USD extends its gains for the second successive session on Thursday, trading around 1.2530 during the Asian session.
Read more »
GBP/USD Price Analysis: Climbs above 1.2500, with bulls targeting 200-DMAThe Pound Sterling advanced sharply against the US Dollar in early trading during Monday’s North American session after hitting a daily low of 1.2474.
Read more »