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GBP/USD: Pound Sterling Rises as US Dollar Softens, Eyes 1.2800

The Pound Sterling (GBP) gains against a weakened US Dollar (USD) as soft US jobs data fuels expectations of earlier Fed rate cuts. GBP/USD currently trades at 1.2756.

Recent US economic releases, including Initial Jobless Claims and JOLTS data, signal a cooling labor market. This supports the view that the Fed may ease its rate hike stance sooner than initially anticipated.

UK Chancellor Jeremy Hunt’s Spring Budget offered more optimistic growth projections than previous forecasts, further bolstering the GBP.

Technical Outlook: The GBP/USD uptrend continues, with buyers targeting the 1.2800 level. Bullish RSI readings suggest further upside potential.

Key Levels to Watch:

Resistance: 1.2800, 1.2850, 1.2900
Support: 1.2761 (March 6 high), 1.2722, 1.2700

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