GBPUSD: Sees Limited Recovery…
As long as 1.2845/1.2918 support holds on a daily closing basis. The GBPUSD remains in a recovery mode and further upside couldn’t be ruled out. But the recovery mode is likely to be limited by the 1.3007 level. A halt is likely, it may turn lower from here. However; If this fails to happen, the pair will extend the corrective recovery to 1.3090 levels, further upside, resistance comes in the 1.3150 levels.
On the downside, support comes around 1.2918 ahead of 1.2845 level. Below 1.2845 sees fall threats to 1.2750/1.2705 levels before another rise.
In conclusion: The GBPUSD sees limited recovery above 1.2845/1.2918 levels with caution.
Support: 1.2918, 1.2845, 1.2750, 1.2705, 1.2600
Resistance: 1.3007, 1.3045, 1.3090, 1.3150, 1.3210
Key data/events which may affect GBPUSD today:
- U.S Nonfarm Payrolls (Feb) at 13:30 GMT.
- U.S Unemployment Rate (Feb) at 13:30 GMT.