GBP/USD touches a high of 1.2818
And looks to break away from the 100-hour MA (red line) @ 1.2812 ahead of the UK jobs report that is due at the bottom of the hour.
If buyers succeed in breaking above the 100-hour MA, it will break the near-term bearish momentum in sellers and price will be looking towards offers at 1.2850 followed by resistance near the 1.2900 level.
As for sellers, key levels to eye on the downside is the 1.2800 handle once again first before the resistance-turned-support at 1.2792 comes into play. Subsequently, further support and bids is only seen around 1.2750-60.
These will be key levels to eye ahead of the data. For now, it looks like the jobs report will provide the catalyst to either break higher or give sellers a reason to push the pair back down.
However, if the readings come in within expectations I expect buyers to still knock on the door of a move higher but sellers will be able to lean on the 100-hour MA and should that not break in trading today then the downside move remains very much intact.
