GBP/USD Recovery Attempts Remain Capped Below 1.2600 So Far

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  • The pound’s recovery attempts are likely to meet strong resistance at 1.2600.
  • The weak ADP report failed to hit the US Dollar.
  • The pair is under pressure after confirming a double-top at 1.2730.
  • The Pound is trying to regain some ground in the early European session after bouncing from session lows at 1.2540 although 1.2600 seems a tough resistance area.Sterling’s bears remain in control after the pair accelerated its reversal from three-month highs above 1.2700 on Thursday. The sourer market sentiment on heightened fears about a global economic slowdown in 2024 is underpinning support on the safe-haven Dollar.The weaker US ADP employment report failed to dampen confidence in the USD, which is on track to a significant recovery this week, as bets of monetary easing extend to most of the world’s major central banks. Investors are now looking at Friday’s Nonfarm Payrolls report for more cues into the US labor market.In the UK BoE Governor Bailey maintained the need to keep interest rates at the current levels for some time although he mentioned the risks for financial stability and noted the challenges to the global economy from the uncertainty about China.The technical picture is bearish. Below 1.2600, the pair has confirmed a double-top at 1.2730 increasing negative pressure towards 1.2517 and 1.2460.
     Technical levels to watchGBP/USD

    OVERVIEW Today last price 1.2566 Today Daily Change 0.0010 Today Daily Change % 0.08 Today daily open 1.2556 TRENDS Daily SMA20 1.2516 Daily SMA50 1.2324 Daily SMA100 1.2469 Daily SMA200 1.248 LEVELS Previous Daily High 1.2614 Previous Daily Low 1.2552 Previous Weekly High 1.2733 Previous Weekly Low 1.2591 Previous Monthly High 1.2733 Previous Monthly Low 1.2096 Daily Fibonacci 38.2% 1.2576 Daily Fibonacci 61.8% 1.259 Daily Pivot Point S1 1.2534 Daily Pivot Point S2 1.2512 Daily Pivot Point S3 1.2472 Daily Pivot Point R1 1.2596 Daily Pivot Point R2 1.2636 Daily Pivot Point R3 1.2658

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