The Great Britain Pound (GBP) inched lower against the US Dollar (USD) on Wednesday decreasing the price of GBPUSD to less than 1.3300. The price of the pair decreased after major economic news released. The technical bias may remain bullish because the pair’s price marked a lower high in the recent downside move.

GBP/USD Technical Analysis

Currently, the pair is being traded around 1.3247, since the price is decreasing, a support can be seen around 1.3124, the 23.6% Fib level support ahead of 1.2982, the major horizontal support and then comes 1.2898, the trendline support which is likely to prevent the price from falling further as demonstrated in the given below chart.

Coming towards the upside, the price of the pair may encounter resistance around 1.3381, the major horizontal resistance. Another resistance level may come at 1.3742, the trendline resistance level ahead of 3402 the 61.8% Fib level resistance and then 1.3998, the high of April 26, 2018, which is likely to act as a strong resistance preventing the price of the pair from increasing above this level as demonstrated in the given above chart. The technical bias shall remain bearish as long as 1.3124, the major horizontal resistance level remains intact.

USD ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying the GBPUSD around current levels can be a good decision in short to medium term.