The Pound Sterling finally ended its 200 pips range trade against the United States Dollar (USD), sending GBP/USD back under the 1.2600 level this wee
and the Average Hourly Earnings. The US labor market data will shape up the Fed interest rate expectations and set the tone for markets in the coming weeks.
Meanwhile, the 14-day Relative Strength Index indicator continues to keep its range just beneath the midline, pointing to more downside in the near term. Alternatively, if the pair gains acceptance above the 50-day SMA resistance at 1.2785, it will likely confirm a bullish reversal and open doors toward the July 27 high of 1.2995. Pound Sterling buyers, however, need a daily closing above the 1.2850 static resistance, at first. , GBP/USD still has room to recover. The pair is seen bullish in all the time frames under study. The pair is seen at 1.2600 on average in the weekly view and up to an average of 1.2830 in the quarterly perspective.
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