The GBP/USD registered decent gains of more than 0.20% on Friday after June’s US jobs data showed the economy added more jobs than expected, though a revision lower of April and May’s figures hinted the labor market weakened further. The major trades at 1.2790, above its opening price, after hitting a daily low of 1.2752.
GBP/USD Price Analysis: Technical outlook
The GBP/USD has fluctuated around the 1.2800 psychological level during the day, threatening to achieve a daily close above crucial resistance trendlines that have so far turned support at around 1.2660/75.
Momentum remains bullish, as depicted by the Relative Strength Index (RSI), aiming higher after it pierced the 50-neutral line on June 2.
Hence, the GBP/USD path of least resistance is to the upside. Buyers achieving a daily close above 1.2800 would pave the way to challenge the year-to-date (YTD) high of 1.2894. Further upside is seen if the pair hurdles that level, with the next resistance at 1.2900, followed by a July 27, 2023, high of 1.2995 ahead of 1.3000
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