GBP/USD dropped below 1.2080 but didn’t have a difficult time shaking off the bearish pressure. As trading conditions thin out on Black Friday, the US Dollar struggles to gather strength despite the cautious market mood and allows the pair to hold above 1.2100.
So far this Black Friday’s trading, the Cable remains at the mercy of the market sentiment, with China’s covid curbs keeping investors on the edge. A partial holiday in the US will leave GBP/USD traders mostly on the sidelines, as the focus shifts toward next week’s US Nonfarm Payrolls (NFP) release.
Nothing seems to have changed technically for GBP/USD, as sellers continue to lurk above the 1.2150 region. Buyers await a sustained break above the bearish 200-Daily Moving Average (DMA) at 1.2185 should the previous day’s high at 1.2153 give way. The next relevant upside barrier is seen at 1.2200, the round number.
The 14-day Relative Strength Index (RSI) has turned flat while above the midline, backing the range trade in the pair, at the moment.
Source – FxStreet
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