GBPUSD Chart Technical Outlook stalls at the previous swing high ahead of NFP
GBP/USD’s broad bias is bullish. Prices have broken above the corrective downward channel, completing a three-wave structure. The pair trades in a bullish channel, facing resistance from the previous swing high at 1.2828.
The US NFP is due today, with an expected softer figure alongside a lower wage growth last month. This week, the Fed’s Powell testimony tilted toward dovishness, cited ‘not far’ confidence toward rate cuts even if unemployment remains low.
I expect prices to stall ahead of the event with the preference to buy dips.
Resistances: 1.2830, 1.2900
Supports: 1.2750, 1.2690
