GBPUSD at a brink of collapsing, eyes on the 1.1000 threshold

The US Nonfarm Payroll report showed that the country added 265K jobs in September.
Wall Street holds on to intraday losses but pared the bleeding.
GBP/USD cannot bounce ahead of the weekly close, hinting at more pain ahead.

FXStreet Team FXStreet

Following the US monthly employment report, the American dollar rallied, pushing GBP/USD down to an intraday low of 1.1089. According to the Bureau of Labor Statistics, the country added 265K new jobs in September, beating expectations, while the Unemployment Rate unexpectedly slid to 3.5%. The strength in the sector left the path clear for the US Federal Reserve to keep hiking rates at the whopping pace of 75 bps per meeting.

The greenback’s rally lost steam after Wall Street’s opening, as stocks hold on to pre-opening losses without extending their slumps. Some profit-taking ahead of the weekend has helped major pairs to bounce, but that’s not the case for GBP/USD, which currently battles to retain the 1.1100 threshold.

GBP/USD technical outlook

The GBP/USD pair is down for a third consecutive day and not far away from the weekly low posted on Monday at 1.1085. Technical readings in the near-term support a bearish continuation in the near term, particularly if the pair pierces the mentioned weekly low. The next relevant support level is 1.1024, September 30 daily low.

Chances of recovery are pretty much null, although a corrective advance may surge if the pair recovers beyond the 1.1130 price zone.

GBP/USD

Overview
Today last price	1.1121
Today Daily Change	-0.0042
Today Daily Change %	-0.38
Today daily open	1.1163

Trends
Daily SMA20	1.1264
Daily SMA50	1.164
Daily SMA100	1.1934
Daily SMA200	1.2551

Levels
Previous Daily High	1.1384
Previous Daily Low	1.1113
Previous Weekly High	1.1235
Previous Weekly Low	1.0339
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.1216
Daily Fibonacci 61.8%	1.128
Daily Pivot Point S1	1.1056
Daily Pivot Point S2	1.0949
Daily Pivot Point S3	1.0785
Daily Pivot Point R1	1.1327
Daily Pivot Point R2	1.1491
Daily Pivot Point R3	1.1598

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD hovers around daily lows near 1.3450

GBP/USD trades with decent losses on Thursday, revisiting the 1.3450 zone. Cable’s resumption of the selling interest comes after two daily advances in a row and follows the improved sentiment around the Greenback amid fresh concerns in the Middle East.

EUR/USD slips back to two-day lows near 1.1510

EUR/USD faces some renewed downside pressure and retests the low 1.1500s in the latter part of Thursday’s NA session. The move lower in spot comes after two daily advances in a row and follows the fresh bid bias in the US Dollar amid the re-emergence of some effervescence in the Middle East. Moving forward, US NFP data will take centre stage on Friday.

How Wall Street rigs the game [Video]

In this week’s Live from the Vault, Andrew Maguire is joined by Peter Antico and Sean Stone to discuss the Paradigm of Money - an in-depth expose of financial market corruption, from naked shorting to the two-tier system that protects Wall Street.

Dogecoin Price Forecast: DOGE sell-off seems unstoppable despite renewed retail interest

Dogecoin (DOGE) is trading under dominant selling pressure on Thursday, hovering below $0.0700, a recent support-turned-resistance level. The meme coin has shed 3% of its value in the first week of August, against a backdrop of heavier selling pressure in previous months since May highs around $0.1186.

The Fed is doing the exact opposite of what it should be doing

About the Yen: The WSJ has a front-page story about how the Fed is doing the exact opposite of what it should be doing—lending dollars to Japan to buy yen. “Put simply: America is printing dollars so Japan can buy yen.

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.