GBP/USD Technical Analysis: Retakes 1.2800 handle ahead of UK jobs data
• The pair finally broke out of its consolidative trading range and is now looking to build on the positive momentum further beyond the 1.2800 handle.
• A sustained move beyond 50-hour SMA was seen as a key for bullish traders, with a modest USD profit-taking providing an additional boost over the past hour or so.
• A follow-through up-move beyond 100-hour SMA, further supported by technical indicators on the 1-hourly chart, would add credence to the near-term bullish breakout.
• Hence, any positive surprise from today's UK employment report would be enough to trigger a near-term short-covering bounce amid oversold conditions on the daily chart.
GBP/USD 1-hourly chart
Spot Rate: 1.2797
Daily Low: 1.2749
Trend: Increasing prospects for a near-term short-covering bounce
Resistance
R1: 1.2817 (100-period SMA H1)
R2: 1.2859 (R3 daily pivot-point)
R3: 1.2900 (round figure mark)
Support
S1: 1.2749 (current day swing low)
S2: 1.2723 (13-month low set last Friday)
S3: 1.2701 (S2 daily pivot-point)