Noor Trends News, Technical Analysis, Educational Tools and Recommendations
The British Pound (GBP) rallied against the US Dollar (USD) on Tuesday, following a robust UK jobs report that exceeded expectations. The unemployment rate declined, and the economy added over 373,000 jobs, boosting the GBP/USD by 0.18%.
The strong UK jobs report has provided a boost to the GBP/USD. While the pair remains in a consolidation phase, a break above key resistance levels could signal a further upward movement. Traders should closely monitor technical indicators and economic developments for potential price changes.
Technical Analysis:
• Consolidation: The GBP/USD remains within a 1.3000-1.3100 range, indicating a period of consolidation.
• Upward Momentum: A break above the 50-day moving average at 1.3112 could signal a stronger upward trend, potentially leading to a target of 1.3174.
• RSI: The Relative Strength Index (RSI) is edging closer to its 50-neutral line, suggesting a potential shift towards a more bullish sentiment.
Potential Price Movements:
• Upside: If the GBP/USD strengthens further, it could reach the 50-day moving average and then target the October 4 high of 1.3174.
• Downside: If the pair fails to break above 1.3100, it may retreat to the 1.3050 psychological level or even lower, potentially reaching the October 10 swing low of 1.3010.
