GBP/USD Price Analysis: Bulls flirt with 1.2000 mark, focus remains on US NFP report GBPUSD Fed NFP Technical Analysis Currencies
r the third successive day on Friday. The momentum lifts spot prices to a three-day high during the first half of the European session, with bulls now awaiting a sustained strength beyond the 1.2000 psychological mark before placing fresh bets.
The British Pound gets a boost on the last day of the week after the monthly UK GDP report showed the economy expanded by 0.3% in January. The reading exceeded market expectations for a growth of 0.1% and marks a sharp rebound from the 0.5% contraction recorded in December. The US Dollar, on the other hand, remains on the defensive amid reduced bets for a jumbo 50 bps lift-off at the March FOMC meeting, which, in turn, lends additional support to the GBP/USD pair.
That said, the prevalent risk-off environment - as depicted by a sea of red across the global equity markets amid looming recession risk - helps limit deeper losses for the safe-haven Greenback. Traders also seem reluctant to place aggressive bets and prefer to wait on the sidelines ahead of the US report, due for release later during the early North American session. This, in turn, might keep a lid on any further appreciating move for the GBP/USD pair, at least for the time being.Fibonacci
retracement level of the recent corrective decline from the vicinity of the mid-1.2450 area, or a multi-month high touched in January. Furthermore, oscillators on the 4-hourly charts have been gaining strong positive traction. This, in turn, supports prospects for an extension of the upward trajectory towards testing the 38.2% Fibo. level, which coincides with the 1.2050-1.2060 supply zone.
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