GBP/USD Price Forecast: Tumbles to four week low, sellers eye 1.3000
- GBP/USD fails to gain traction amid mixed US economic data.
- Sellers remain in charge if prices remain below 1.3055; key support levels are eyed at 1.3001 and 1.2939.
- Buyers could regain control above 1.3055 and target the 50-DMA
The Pound Sterling remains on the backfoot against the Greenback, yet it bounced off a four-week low of 1.3010 in early trading during the North American session. The GBP/USD exchanges hands at 1.3040, down 0.54% at the time of writing.
GBP/USD Price Forecast: Technical outlook
GBP/USD recovered some ground during Thursday’s session following the release of mixed US data. Although inflation edged up, the labor market showed signs of weakness.
Given the backdrop, the pair initially dipped to a daily low of 1.3010 before stabilizing at current exchange rates. Nevertheless, Pound bulls must reclaim the October 9 low of 1.3055 if they want to remain hopeful of higher prices.
In that outcome, bulls could challenge the 50-day moving average (DMA) and the day’s high of 1.3093. Further gains are seen above 1.3100.
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