GBP/USD trading softly into 1.2750 with US NFP in the barrel

Sterling caught within familiar levels this week as Brexit plods towards Tuesday's parliamentary vote.
US NFP data ahead will see markets coiling ahead of the key reading.

Joshua Gibson FXStreet

GBP/USD continues to trade with softer tones in the Asian market window as investor sentiment remains apprehensive leading into Friday's London opening bell.

PM May rejects calls for vote delay

The Brexit wheels continue to grind on as the clock runs down towards next Tuesday's critical Brexit vote in the UK's House of Commons, where British MPs will be giving a final yes or no vote on Prime Minister Theresa May's latest (and feasibly only) Withdrawal Agreement with the EU. The odds currently look heavily stacked against PM May, who has decided to flatly reject urgings by people within her own party to withhold or delay Tuesday's key vote so that supporters of May's current proposal can scramble to find more support, and UK investors will be keeping one eye on the steady stream of Brexit headlines that will be flowing for Friday and into the weekend.

With the economic calendar free and clear of meaningful data for the UK, the big reading on the list is the US' next round of Non-Farm Payrolls, due to drop on markets once again at 13:30 GMT. Economic data for the US has been mixed as of late, and extra emphasis will be placed on the jobs figure to end the week as traders look for signs of shifts in the underlying economy that could spark a move from the US Federal Reserve, who signaled recently that their path forward on interest rate hikes will be driven more firmly by economic data looking forward.

GBP/USD Levels to watch

Recent intraday bullish moves for the Cable are facing stiff resistance from a well-beaten bearish trend, and as noted by FXStreet's own Valeria Bednarik:

The GBP/USD pair trades above the daily ascendant trend line coming from November monthly high, but still below its weekly high of 1.2839, with a modestly positive tone in the 4 hours chart, as it has also advanced above its 20 SMA. The Momentum continues hovering around its mid-line, while the RSI stabilized around 57 indicating that buying interest is not strong enough at the time being. Beyond the mentioned weekly high, the next strong static resistance comes at 1.2880, the 61.8% retracement of 2016/18 rally.

Support levels: 1.2730 1.2695 1.2660

Resistance levels: 1.2805 1.2840 1.2880

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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