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GBP/USD Daily Forecast – Test Of Resistance At 1.4120

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GBP/USD Video 11.05.21.

British Pound Tries To Move Higher Against U.S. Dollar

GBP/USD is currently trying to settle above the resistance at 1.4120 while the U.S. dollar is mostly flat against a broad basket of currencies.

Yesterday, the U.S. Dollar Index tried to get to the test of the material support level at 90 but failed to develop sufficient downside momentum. Today, the U.S. Dollar Index rebounded towards the nearest resistance level at 90.30 and made an attempt to settle above it. In case the U.S. Dollar Index manages to settle above this level, it will head towards the next resistance at 90.50 which will be bearish for GBP/USD.

There are no important economic reports scheduled to be released in the UK today, so foreign exchange market traders will focus on JOLTs Job Openings report from the U.S. Analysts expect that the number of job openings increased from 7.37 million in February to 7.5 million in March.

Typically, this report has little impact on currency dynamics, but the market may have become more sensitive to any job market data after the disappointing Non Farm Payrolls report.

Technical Analysis

GBP/USD gained strong upside momentum in recent trading sessions and is currently trying to stay above 1.4120. In case this attempt is successful, GBP/USD will head towards the resistance at 1.4150. This resistance level has been recently tested and proved its strength.

In case GBP/USD manages to settle above the resistance at 1.4150, it will move towards the next resistance level at 1.4180. A successful test of this level will push GBP/USD towards the resistance at 1.4240. No important levels were formed between 1.4180 and 1.4240 so this move may be fast.

On the support side, the nearest support level for GBP/USD is located at 1.4080. In case GBP/USD declines below this level, it will head towards the next support at 1.4050. A move below the support at 1.4050 will open the way to the test of the support at 1.4020.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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