GBP/USD Price Forecast: Bulls turn cautious as 1.3550 cap gains ahead of US NFP
The GBP/USD pair attracts some buyers for the second straight day, though it lacks follow-through and remains capped near mid-1.3500s through the early European session on Friday.
The GBP/USD pair is currently trading near mid-1.3500s, with little follow-through despite attracting some buyers for the second consecutive day. Traders are waiting eagerly for the release of the US Nonfarm Payrolls (NFP) data, which will provide crucial insights into the US Federal Reserve's future policy path and influence the USD.
Geopolitical uncertainties, such as US-Iran tensions, are also supporting the safe-haven USD. Technical analysis shows a mild bullish bias for GBP/USD, with the 38.2% Fibonacci retracement acting as nearby support. However, the pair remains cautious before positioning for any significant downside, with key resistance at the 23.6% Fibonacci level at 1.3584 and a major hurdle at the prior swing high around 1.3681.
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