GBPUSD struggling at a support level of 1.37865
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GBPUSD struggling at a support level of 1.37865

GBP/USD made a reasonably contained move yesterday due to the Dollar rally. Still, it failed to break above the psychological resistance level at 1.3900 in its attempt to resume the recovery from the three-month low at 1.37316 and eventually ended up closing the day lower to print a mixed picture of price action.

Although the pound tries to bounce, the downside bias persists as long as the Pound/Dollar has been trading below the 100-day and 50-day EMA.

Investors await the US JOLTs job opening report today later, which is expected to show another increase to 9.388 M.

Also, the Fed will publish the minutes of its latest meeting in Jun. They opened up a debate on reducing asset purchasing in the last meeting but the recent disappointing US data have investors wondering about the timing of tapering and ruling out an interest rate hike.