Pound Sterling Is At Fresh Two-Week Lows Testing The 1.2675 Resistance Area

Photo by Colin Watts on Unsplash 


GBP/USD is at fresh two-week lows testing the 1.2675 resistance area

The Sterling is building up bullish momentum on Thursday, buoyed by a favorable market sentiment, which is weighing on the safe-haven US Dollar.

Data from the US Labor Department revealed that Jobless Claims increased by 222K in the last week of March 29, from the upwardly revised 212K in the previous week. The market had anticipated a softer 214K increase.


Pound Sterling extends upside on UK’s improved economic outlook, soft US Dollar

The Pound Sterling (GBP) aims to extend its recovery above the one-week high of 1.2660 in Thursday’s early New York session. The GBP/USD pair exhibits strength as recent economic indicators in the United Kingdom have shown that the economy is on track to return to growth after falling into a technical recession in the second half of 2023. Meanwhile, a weaker US Dollar due to the poor United States Institute of Supply Management (ISM) Services PMI data for March also boosted the Cable.

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GBP/USD remains on the defensive near 1.2650, focus on US Initial Jobless Claims

GBP/USD hovers around 1.2650 during the Asian session on Thursday. However, the US Dollar (USD) encountered challenges yesterday following the release of mixed economic data from the United States (US), which showed a stronger ADP Employment Change but softer ISM Services PMI figures.


GBP/USD

OVERVIEW
Today last price 1.2668
Today Daily Change 0.0016
Today Daily Change % 0.13
Today daily open 1.2652
TRENDS
Daily SMA20 1.2699
Daily SMA50 1.267
Daily SMA100 1.2663
Daily SMA200 1.2588
LEVELS
Previous Daily High 1.2656
Previous Daily Low 1.2563
Previous Weekly High 1.2668
Previous Weekly Low 1.2586
Previous Monthly High 1.2894
Previous Monthly Low 1.2575
Daily Fibonacci 38.2% 1.262
Daily Fibonacci 61.8% 1.2598
Daily Pivot Point S1 1.2591
Daily Pivot Point S2 1.253
Daily Pivot Point S3 1.2498
Daily Pivot Point R1 1.2685
Daily Pivot Point R2 1.2717
Daily Pivot Point R3 1.2778

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