GBP/USD turns negative on the day near 1.3820 after upbeat US jobs report

GBP/USD is posting modest daily losses on Friday.
US Dollar Index holds above 93.00 after strong NFP data.
10-year US Treasury bond yield rebound following Thursday's drop.

Eren Sengezer FXStreet

The GBP/USD pair came under modest bearish pressure in the second half of the day and dropped to a session low of 1.3814. As of writing, the pair was down 0.08% on the day at 1.3820.

DXY looks to end the week above 93.00

The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls in March surged by 916,000. This reading beat the market expectation of 647,000 by a wide margin and followed February's print of 468,000 (revised from 379,000). Further details of the publication showed that the Unemployment Rate declined to 6% as anticipated. On a negative note, the Average Hourly Earnings dropped to 4.2% on a yearly basis from 5.2%.

With the initial reaction, the 10-year US Treasury bond yield erased a portion of Thursday's heavy losses and turned positive on the day above 1.1720%. Consequently, the USD started to outperform its rivals and the US Dollar Index (DXY) climbed above 93.00.

In the remainder of the day, the trading action is expected to remain subdued as US stocks markets will be remain closed due to the Easter holiday.

Technical levels to watch for

GBP/USD

Overview
Today last price	1.3819
Today Daily Change	-0.0015
Today Daily Change %	-0.11
Today daily open	1.3834

Trends
Daily SMA20	1.3845
Daily SMA50	1.3843
Daily SMA100	1.3653
Daily SMA200	1.3292

Levels
Previous Daily High	1.3837
Previous Daily Low	1.3746
Previous Weekly High	1.3877
Previous Weekly Low	1.3671
Previous Monthly High	1.4017
Previous Monthly Low	1.3671
Daily Fibonacci 38.2%	1.3802
Daily Fibonacci 61.8%	1.3781
Daily Pivot Point S1	1.3774
Daily Pivot Point S2	1.3715
Daily Pivot Point S3	1.3683
Daily Pivot Point R1	1.3865
Daily Pivot Point R2	1.3896
Daily Pivot Point R3	1.3956

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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