GBP/USD, H4 5 April 2024
The GBP/USD pair faced resistance at the 1.2660 level and subsequently retraced as a result. Fundamentally, the UK's PMI readings released yesterday fell short of expectations, contributing to downward pressure on the Sterling. Meanwhile, optimism surrounding the US Non-Farm Payrolls (NFP) report scheduled for release later today bolstered the strength of the dollar.
GBP/USD has eased in bullish momentum from its strong rebound in previous sessions. Suggest the bullish momentum is easing.
Resistance level: 1.2660, 1.2760📉
Support level: 1.2540, 1.2440📈
The GBP/USD pair faced resistance at the 1.2660 level and subsequently retraced as a result. Fundamentally, the UK's PMI readings released yesterday fell short of expectations, contributing to downward pressure on the Sterling. Meanwhile, optimism surrounding the US Non-Farm Payrolls (NFP) report scheduled for release later today bolstered the strength of the dollar.
GBP/USD has eased in bullish momentum from its strong rebound in previous sessions. Suggest the bullish momentum is easing.
Resistance level: 1.2660, 1.2760📉
Support level: 1.2540, 1.2440📈