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.

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