February 1, OctaFX – The British pound continues to drift lower against the US dollar on Friday as traders scale back positions ahead of the release of the US Nonfarm payrolls and ISM manufacturing report.
GBPUSD buyers need to defend the pivotal 1.3095 area, or they risk extended intraday losses towards the 1.3000 area. It is also worth noting that sterling performed a bullish monthly price close above the 1.3100 level.
GBPUSD Technical Outlook
- The GBPUSD pair remains bullish while trading above the 1.3095 level, key technical resistance is found at the 1.3130 and 1.3170 levels
- If the GBPUSD pair trades below the 1.3090 level, key support is found at the 1.3070 and 1.3055 levels.
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