GBPUSD looks firm and pokes with 1.1300

GBPUSD challenges the key 1.1300 zone on Friday.
The dollar remains offered and allows the bounce in Cable.
US Nonfarm Payrolls surprised to the upside in October.

Pablo Piovano FXStreet

The Sterling regains the balance and sponsors the rebound in GBP/USD to the vicinity of the 1.1300 mark on Friday.

GBP/USD stronger on risk-on trade

GBPUSD leaves behind to sessions in a row with losses and manages to advance to the boundaries of 1.1300 the figure at the end of the week, where some initial resistance appears to have turned up.

The broad-based appetite for the risk-associated universe lent the Quid extra legs on Friday and helped the pair recoup part of the BoE-induced sell-off recorded on Thursday.

Indeed, the greenback remains well on the defensive despite the US economy created more jobs than expected in October (261K), while the Unemployment Rate edged higher to 3.7%.

In the UK docket, the Construction PMI improved to 53.2 in October (from 52.3), while BoE Chief Economist H.Pill suggested earlier in the session that markets should “re-anchor” their expectations around the policy rate following the recent political/financial effervescence.

GBP/USD levels to consider

As of writing, the pair is gaining 0.82% at 1.1248 and a breakout of 1.1375 (55-day SMA) would open the door to 1.1645 (monthly high October 27) and then 1.1690 (100-day SMA). On the other hand, the next support emerges at 1.1142 (weekly low November 4) followed by 1.0923 (monthly low October 12) and finally 1.0356 (2022 low September 26).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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