GBP/USD Price Analysis: Bulls struggle below 1.2600, have a bumpy road ahead.

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.

EUR/USD clings to gains around 1.0750 ahead of US data

EUR/USD continues to trade in positive territory near mid-1.0700s on Friday as market action remains subdued ahead of the key May jobs report from the US. Meanwhile, Eurostat reported that Retail Sales in the euro area contracted by 1.3% in April.


GBP/USD holds steady above 1.2550 ahead of US NFP, Biden’s speech

GBP/USD is defending gains above 1.2550, as the US dollar holds the lower ground amid pre-NFP anxiety and light trading. Hawkish expectations from the BOE vs. doubts on the Fed’s moves post-September probe bears. 


Gold down but not out, key levels to watch

Gold Price is consolidating this week’s rebound to one-month highs above $1,870 on Friday, as bulls take a breather amid mixed markets. A sense of caution prevails, in the face of the recent series of disappointing US economic data.

Gold News 

Bitcoin Weekly Forecast: $35,000 or $23,000, which CME gap gets filled first?

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