The British pound is attempting to correct higher against the greenback, as the US dollar comes under mild selling pressure ahead of the release of the US monthly jobs report. The GBPUSD pair’s 100-period moving average on the four-hour time frame has been capping upside moves since late November. As long as price continues to trade below this key moving average, the short-term trend for sterling remains bearish.
The GBPUSD pair is bearish while trading below the 1.2790 level, key technical support is found at the 1.2700 and 1.2657 levels.
If the GBPUSD pair trades above the 1.2790 level, key resistance is found at the 1.2855 and 1.2925 levels.