GBP/USD has bounced off from 1.2980 resistance after an impulsive volatile bullish trend recently. Today on the GBP front, BRC Retail Sales Monitor report was published with a positive figure at 5.6% which previously was at -1.0%. On the USD side, we have JOLTS Job Opening reports to be published which is expected to show a decreased figure at 5.67M which previously was at 5.74M. Besides, Final Wholesale Inventories data is expected to remain unchanged at -0.1%. Despite a positive economic report from the UK, GBP failed to gain strength against USD today. As US reports are yet to be published later today, we might see a further gain in the USD in the coming hours if the reports come better than expected.
Now let us look at the technical chart. The price bounced off from the resistance of 1.2980 yesterday and currently bears are quite powerful in this pair. As the pair has already rejected bulls early in the morning, currently we are expecting a further bearish move in this pair with a target towards 1.2800 support level. A daily close with a bearish candle will increase the chances of the price moving more downward in the coming days.
