The Great Britain Pound (GBP) extended its losing streak against the US Dollar (USD) on Monday, dragging the price of GBPUSD to less than 1.2450 amid some key economic events. The technical bias remains bearish because of a lower high in the recent upside wave.

Technical Analysis

As of this writing, the pair is being traded around 1.2450. A support can be noted around 1.2410, a short term horizontal support ahead of 1.2300, the confluence of psychological number as well as trendline support and then 1.1916, the swing low of 2016.

On the upside, a hurdle can be noted near 1.2650, the psychological number ahead of 1.2774, the swing high of the last major upside rally and then 1.3444, the high of October 2016 as demonstrated in the given above daily chart. The technical bias shall remain bearish as long as the 1.2774 resistance area is intact.

US Employment News

U.S nonfarm payroll employment rose by 227,000 jobs in January, according to the latest figures from the Bureau of Labor Statistics (BLS). Meanwhile, the unemployment rate inched up 0.1 percentage point to 4.8 percent, according to the first employment report the BLS has issued in the Trump administration. The new employment numbers were issued Feb. 3. Among the sectors that saw robust job growth were retail trade (up 46,000 jobs), construction (up 36,000), financial activities (up 32,000) and food services and drinking places (up 30,000), according to the report.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels appears to be a good strategy in short to medium term.