Daily market report
The British pound has reached a strong resistance zone located around the 1.2300 psychological barrier.
The pair extended its advance briefly above the 1.2240 hourly resistance before retreating lower, which might signal a potential downside correction in the coming hours.
For the time being, prices will likely trade sideways to lower between the 1.2225 and 1.2150 support levels as traders await job data from the UK.
A break below 1.2150 is needed to confirm a potential reversal in the short term, while if buyers manage to keep prices above that support, another move higher in the direction of 1.2240 will be possible.