GBP/USD Price Analysis: Tumbles below crucial 1.2500 as bears move in

GBP/USD drops 0.30%, US Dollar rises on positive US trade and labor data. The GBP/USD struggles below 200-DMA at 1.2550, trending down. RSI indicates bearish momentum; sellers control the market. Recovery above 1.2500 could retest 200-DMA, with resistance at 1.2569 and 50-DMA at 1.2613. Data from the United States showed that the Balance of Trade deficit tightened while the labor market remained tight, as revealed by the Initial Jobless Claims report. The GBP/USD trades at 1.2488, down 0.30%.

Momentum points to a continuation of the downtrend, as the Relative Strength Index turned bearish on April 30. As of writing, it aims downward, meaning sellers remain in charge. On the other hand, if buyers reclaim 1.2500, they must reclaim the 200-DMA ahead of testing the April 29 high at 1.2569. Once cleared, the next stop would be the 1.2600 mark, followed by the 50-DMA at 1.2613. Further gains are seen above the 100-DMA at 1.2644.

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