GBP/USD Forecast: Technicals turn bearish ahead of US jobs report
GBP/USD has managed to snap a three-day losing streak on Thursday but failed to hold above 1.3300 as the greenback started to gather strength early Friday. The technical outlook seems to have turned bearish with key resistance levels staying intact.
Later in the day, the US Bureau of Labor Statistics will release the November jobs report. Investors forecast Nonfarm Payrolls (NFP) to rise by 550,000 following October's increase of 531,000. Read more...
GBP/USD analysis: Passes support levels
At mid-day on Friday, the GBP/USD currency exchange rate pierced the support of the weekly S1 simple pivot point at 1.3264. The rate was pushed down initially on Thursday by the 200-hour SMA. On Friday, the 50-hour simple moving average provided resistance.
A potential decline further below might look for support in the 1.3200 mark, which provided the pair with support on Tuesday, in the aftermath of Jerome Powell's testimony to the US Congress. Read more...
GBP/USD: Bears take control ahead of NFP
GBP/USD has dropped below 1.3300 on renewed dollar strength. As FXStreet’s Eren Sengezer notes, technicals turn bearish as buyers fail to lift cable above key hurdles ahead of US jobs report.
“Investors forecast Nonfarm Payrolls (NFP) to rise by 550K. However, market participants will pay close attention to wage inflation. A stronger-than-anticipated print could trigger another leg higher in the US Dollar Index as it would reaffirm the Fed's tightening prospects.” Read more...
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