GBP/USD remains sidelined after bouncing off the 21-DMA support.
GBP/USD portrays the typical pre-NFP trading lull as buyers and sellers jostle around 1.2580 during Friday’s Asian session.
The cable pair reversed from a fortnight low the previous day while posting the biggest daily jump in two weeks. The recovery moves gained support from the 21-DMA, as well as bullish MACD signals.However, recently smaller green bars on the MACD, the difference between the MACD line and signal line, join the 10-DMA level surrounding 1.2580 to challenge the GBP/USD pair’s immediate upside.
Even if the quote manages to cross the 1.2580 immediate hurdle, the latest swing high around 1.2670 precedes a convergence of the descending trend line from February 18 and 50-DMA, close to 1.2700-15, to challenge the pair buyers.Meanwhile, the pair’s downside past 21-DMA support of 1.2460 will need validation from the 1.2410-2400 region, comprising levels marked since April 28, to recall GBP/USD bears.Following that, the area surrounding the mid-1.2200s can act as the last defense for bulls before directing the prices down to May’s low of 1.2155.
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