- GBP/USD testing key level
- U.S. Employment Data
Price Movement
Since yesterday, GBP/USD has been moving indecisively.
Trend
GBP/USD is on an uptrend.
Macro Background
The Average Hourly Earnings measures the change in the price businesses pay for labor (excluding the farming industry). It is expected to perform worse than previous month.
The Non-Farm Employment Change measures the change in the number of employed people during the previous month (excluding farming industry). It is expected to perform worse than previous month.
The Unemployment Rate measures the percentage of the total work force that is unemployed and actively seeking employment during the previous month. It is expected to perform worse than previous month.
Overall, the expectation for this month’s job report is worse than previous month. If the data released tonight (2130 SGT) is worse than expected, we may be seeing a weakening in the U.S. dollar and GBP/USD will rise.
Important Issue
None.
Technical
GBP/USD is currently testing the 1.31 level.
Price Levels
Current Price: 1.31048
Next Resistance: 1.31675
Next Support: 1.30000