GBP/USD fell sharply and turned negative on the day below 1.1150 with the initial reaction to the US jobs report. Nonfarm Payrolls in the US rose by 263,000 in September, surpassing the market expectation for an increase of 250,000.
Technical Overview
The Relative Strength Index (RSI) indicator on the four-hour chart is moving sideways near 50, reflecting the pair’s indecisiveness. On the upside, 1.1270 (Fibonacci 23.6% retracement of the latest uptrend) aligns as initial resistance before 1.1300 (20-period SMA) and 1.1400 (200-period SMA).
Supports are located at 1.1130 (Fibonacci 38.2% retracement, 50-period SMA), 1.1100 (psychological level) and 1.1030 (Fibonacci 50% retracement).
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