GBPUSD

GBP downside extended on Friday after the U.S. NFP beat with cable almost reaching the 1.2000psychological level. Daily GBP/USD price action shows nothing in the way of chart patterns of a firm directional bias – reiterated by the midpoint 50 reading on the Relative Strength Index (RSI). My view on GBP/USD remains skewed to the downside as recession prospects, geopolitical tensions, stronger U.S. economy and an unrelenting Fed supports a stronger greenback against the pound and the 1.2400 level seems a long way off at this point ceteris paribus.

KEY RESISTANCE LEVELS:
1.2400/100-day EMA (yellow)
50-day EMA (blue)
KEY SUPPORT LEVELS:
1.2080/20-day EMA (purple)