Chart Of The Day: GBPUSD on the back foot towards 1.2600 as traders await UK employment data

Tue, 11 Jun 2019 14:21

Failure to cross 23.6% Fibonacci retracement of latest downtick portrays the GBPUSD pair's weakness ahead of the key employment numbers from the UK. As a result, 1.2660 and 1.2610 may entertain short-term sellers ahead of questioning them with 1.2605 – 1.2600 horizontal-area. Given the prices dip beneath 1.2600, 1.2560 and 61.8% FE level of 1.2465 could become bears favorites.

If the pair rises past-1.2705 immediate resistance, it can aim for horizontal-line surrounding 1.2760. Also, pair's successful break above 1.2760, backed by the upbeat jobs report, can help it's cross the 1.2800 round-figure while meeting 1.2815 mark comprising May 21 high.

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