GBP/USD is trading in the negative after touching multi-month high on BOE Thursday; the drift in the pair is in the much quiet trading ahead of US NFP release.
The US monthly job data had surprised all estimations from analysts last time, and traders are wary of any revision to the previous month’s published numbers.
The pair has recovered almost all of the COVID-19 March sell-off and is in search of new catalysts; to move higher after the no-surprise BEO policy announcement yesterday.
UK employment statistics and GBP data are due next week, with the chances of weak employment numbers being higher; heavy job losses were reported across the country in the last few weeks.
As traders wait for the US report, the cable is trying to hold onto 1.3100 but is under selling pressure. The area between 1.2980 and 1.3150 should support the pair and the bullish ‘golden cross’ – 50-day moving average crossing its 200-day cousin – is about to happen in the pair.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US Inc ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of Wise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on currencylive.com do not represent our views.