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GBP/USD weakened after the strong US jobs report. Before the announcement, the British pound traded above the 200 EMA and below the 21 SMA.
The US report caused the pound to break the 200 EMA sharply and it is now approaching the psychological level of 1.2000.
The US non-farm payrolls (NFP) showed that the US economy added 528,000 jobs during the month of July, more than doubling the consensus of 250,000 jobs.
This fundamental data gave a strong bullish impulse to the US dollar (USDX) which put downward pressure on all crosses against the dollar such as the pound and the euro.
The pound still remains within the uptrend. This technical correction will be seen as an opportunity to resume buying. But as long as it remains trading above the psychological level of 1.20, it could mean recovery and GBP/USD could resume its bullish cycle and reach the area 1.2300 and 1.25 in the short term.
If you are a sample follower, we invite you to review our previous GBP/USD analysis reports. In them, we point out the strong downward pressure that the pound was subjected to below 4/8 Murray. Our downside target has been met and we now expect a technical bounce back above the psychological level of 1.2000.
According to the 4-hour chart, we can see that the pound has formed a pattern of shoulders and head. If the trading instrument makes a sharp break below 1.20, it could confirm the signal and fall and reach the zone 1/8 Murray at 1.1840.
For the British pound to resume its bullish cycle, we should expect a daily close above the 200 EMA located at 1.2124 and a close above the 21 SMA located at 1.2160. Above both levels, the British Pound is likely to hit levels of 1.2207, 1.2290 and even hit 5/8 Murray at 1.2329.
Our trading plan for the next few hours is to wait for a consolidation or rebound around 1.2015 to buy with targets at 1.2085, 1.2124, and 1.2207.
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