- The Sterling is easing from the weekly high.
- The key level to beat for bears is the 1.2281 support.
- Fed’s Powell is speaking and is optimistic about the economy in the United States, helping USD.
GBP/USD daily chart
The Sterling is trading in a bear trend below the main daily simple moving averages (SMAs). However, Earlier in the New York session, the Non-farm Payrolls (NFP) in the United States (US) came in below expectations with only 130K jobs added in August vs. 158K forecast. However, the wages, the Average Hourly Earnings, beat expectations with 3.2% vs. 3.1% forecast. Federal Reserve’s Chairman says that the “economy continues to perform well, longest expansion since records began.”
GBP/USD 4-hour chart
GBP/USD is consolidating the recent gains above the 1.2281 support. If bulls intend to resume the recent recovery, the market will need to regain the 1.2348 resistance, according to the Technical Confluences Indicator.
GBP/USD 30-minute chart
GBP/USD is trading near the daily lows below the 50 SMAs and challenging the 100 SMA. The market is consolidating in the near term. Bears need to reclaim the 1.2281 support followed by the 1.2243 price levels, according to the Technical Confluences Indicator.
Additional key levels
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