GBP/USD Breakout on the Horizon Amid Dollar Vulnerability
Friday, 8 March 2024, 09:19
GBP/USD Breakout Analysis
It's a challenging period for dollar enthusiasts as several charts indicate weakness in the greenback.
USD/JPY is struggling around its 100-day moving average, while EUR/USD and AUD/USD are reaching multi-week highs. Now, attention turns to a potential upward movement in GBP/USD, nearing its December high of 1.2827.
The recent close above 1.2800 suggests positive momentum, with eyes on the US jobs report for further clues.
- 200-week moving average at 1.2850 is a critical level
- A break above may target 1.3000
Caution is advised pending the job's report outcome before the weekend.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.