GBP/USD Technical analysis Today: The GBP/USD pair came under strong selling pressure during Wednesday’s trading, but the pair is attempting to consolidate above technical support at 1.3270.
Markets are awaiting the release of US unemployment claims today, while attention remains focused on tomorrow’s nonfarm payrolls data, which will primarily determine the direction of the dollar.
GBP/USD Technical analysis Today: Technical Overview
- The pair is moving within a consolidation range between 1.3270 and 1.3320
- The moving averages have started to oscillate after a rapid downward wave
- The short-term trend is neutral to bullish as long as it is above 1.3270
Technical Indicators Analysis:
- Moving Averages (EMA):
- The price is testing the intersection of the 50- and 100-period averages
- The shorter-term averages are gradually rising
- MACD:
- Moving in the neutral zone with a slight positive slope
- No clear momentum yet
- Stochastic:
- In the zone above 60
- Supports continued upward movement provided 1.3320 is breached
Technical Scenarios:
Bullish Scenario:
- Stability above 1.3302 will retest:
- 3320
- 3345
Bearish Scenario:
- A break of 1.3270 will return the pair to:
- 3255
- 3240
Trading strategies based on Buy/Sell levels
| In case of buying | in case of selling | GBPUSD |
| 1.33205 | 1.33022 | Entry point |
| First resistance: 1.33605 | First support: 1.32706 | Target Point 1 (TP1) |
| Second resistance: 1.33905 | Second support: 1.32406 | Target Point 2 (TP2) |
| 1.33022 | 1.33205 | Stop Loss (SL) |
The British pound is trading within a narrow range against the dollar, attempting to regain upward momentum.
Movements ahead of the employment data may remain limited, but any surprises in Friday’s numbers will clearly define the next direction.
Important Economic Data This Week:
May 2: US Unemployment Claims
May 3: Nonfarm Payrolls (NFP) Report
