The currency pair went upwards last week and almost reached the resistance at 1,2372. However, after Friday’s US Labor market data release, GBP/USD retreated. We have covered the reasons for this short-term USD weakness in our EUR/USD review already.

There are no reversal signals currently and we do not recommend taking fast decisions. It is better to wait for confirmation signals or entering the market in case when the reverse is confirmed. Closest selling target is at 1,2108. In case of growth, the closest target is at 1,2372.