05.06.2020 GBP/USD Daily Analysis

05.06.2020 GBP/USD Daily Analysis

GBP/USD dipped and touched the bottom of our expected 1.2500/1.2600 range (low of 1.2500) before soaring past the top of the range to hit an overnight high of 1.2633. Though there’s an upward motion but doesn’t seem to be very significant. The pair possibly will move above 1.2650 but the major 1.2700 resistance is unlikely to come into the picture for today. Support is at 1.2550 followed by 1.2500.” Given the last-day of the key Brexit talk rounds, any updates concerning the departure will be important for the GBP/USD pair amid a lack of major data from the UK. Also, the monthly employment data from the US and news concerning the Sino-American tussle could act as extra directives for the pair traders. Forecasts suggest downbeat prints of the US data but the greenback’s losses versus the GBP are likely to be restricted by the Brexit uncertainty and doubt surrounding the UK’s handling over pandemic. From a broad view, the return of the US-China tension and the pre-NFP trading lull seems to restrict the early-Friday moves of the market. Also contributing to the lack of major momentum could be a light calendar ahead.