As we enter the second full week of May, the GBP/USD currency pair will be monitored closely ahead of Tuesday’s employment and wage data out of the UK, with technical studies indicating a bearish move could be on the table. Long-term picture Price action on the monthly chart continues to hold under resistance at $1.2715, which has been the case since late 2023. This is currently reinforced by the daily chart wrapping up the week testing channel resistance, drawn from the high of $1.
2173 is viewed as the next logical longer-term downside target for GBP bears and the trend currently supports sellers . This aligns with the daily chart’s downtrend, printing clear lower lows and lower highs since pencilling in a top at $1.2894. Further supporting bears, both monthly and daily charts reveal that the Relative Strength Index is testing the underside of the 50.00 centreline, indicating possible resistance.
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