GBPUSD analysis after positive Nonfarm data
📌GBP/USD drops below 1.2720 after encouragement from Nonfarm data. GBP/USD continues its downtrend and trades deep below the key support zone of 1,275. The US dollar outperformed its rivals following impressive labor market data in May, forcing the pair into sharp declines.
📌Next week's markets are in focus on Tuesday with the Change in Claimants, and the UK Average 3-Month/Year Earnings Index. Besides important US economic reports such as CPI, FOMC, PPI and UoM Consumer Preliminary Market Sentiment.
📌GBPUSD's minor intraband trading level is formed by two border zones 1.268 and 1.277. The 1,280 resistance zone still plays a key role in the long-term uptrend of GBPUSD. There may be a slight reaction around 1,280 before GBPUSD breaks out to the important resistance area of 1,288. In the opposite direction, when the currency pair breaks the trendline and continues the downtrend, the support zone at 1,265, the critical zone of the daily frame EMA, will support the currency pair to go up.
Resistance: 1.277-1.280-1.288
Support: 1.268-1.265
BUY GBPUSD 1.266-1.264 SL 1.262
SELL GBPUSD 1,288-1,290 SL 1,292
✍️Note: Break out 1,265 reverses to downtrend, Break out retests resistance 1,280
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