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GBP/USD picks up following a post-NFP slump, returns above 1.2600

The Sterling is regaining lost ground on Friday’s US session following a significant reversal, with a strong US employment report sending the Dollar soaring. The pair, however, remains practically flat in the weekly chat after having whipsawed over the last few days. US Nonfarm Payrolls increased by 303K in March beating expectations of a 200K increase to close a stellar quarter for employment. Wage inflation has continued growing, although the moderation observed in the yearly rate, which has eased to 4.1% from 4.3% in the previous month has eased concerns about a hawkish steer by the Federal Reserve. In the UK the weak services sector activity data seen this week adds to the evidence of an uncertain economic outlook. The weak GDP and the slowing price pressures boosted speculation that the BoE might anticipate the first rate cuts, which is weighing on the Pound. The technical picture remains bearish, with resistance at 1.2675 holding buyers ahead of 1.2755. support levels are 1.2575 and 1.2535. GBP/USD OVERVIEW Today last price 1.2635 Today Daily Change -0.0008 Today Daily Change % -0.06 Today daily open 1.2643 TRENDS Daily SMA20 1.2691 Daily SMA50 1.2668 Daily SMA100 1.2665 Daily SMA200 1.2588 LEVELS Previous Daily High 1.2684 Previous Daily Low 1.2635 Previous Weekly High 1.2668 Previous Weekly Low 1.2586 Previous Monthly High 1.2894 Previous Monthly Low 1.2575 Daily Fibonacci 38.2% 1.2654 Daily Fibonacci 61.8% 1.2665 Daily Pivot Point S1 1.2624 Daily Pivot Point S2 1.2606 Daily Pivot Point S3 1.2576 Daily Pivot Point R1 1.2672 Daily Pivot Point R2 1.2702 Daily Pivot Point R3 1.272

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Publication date:

2024-04-05 19:15:02 (GMT)

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