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TODAY GBPUSD SIGNAL : GBPUSD struggles near multi-week low, below 1.1900 mark ahead of US NFP

GBPUSD UPDATE

TODAY GBPUSD SIGNAL : GBPUSD struggles near multi-week low, below 1.1900 mark ahead of US NFP

  • GBP/USD remains on the defensive near a multi-week low amid sustained USD buying.
  • Thursday’s upbeat US data reaffirms hawkish Fed expectations and underpins the USD.
  • The focus remains glued to the release of the closely-watched US monthly jobs report.

TODAY GBPUSD SIGNAL : The GBP/USD pair struggles to gain any meaningful traction on Friday and oscillated in a narrow trading band through the first half of the European session. The pair is currently placed just below the 1.1900 mark, or a fresh six-week low touched in the last hour.

Thursday’s upbeat US macro data continues to boost the US Dollar for the second successive day, which, in turn, is seen as a key factor acting as a headwind for the GBP/USD pair. In fact, the better-than-expected ADP report on the US private-sector employment and Initial Jobless Claims pointed to a resilient US labour market.

This further suggested that the economy ended 2022 on solid footing and could allow the Federal Reserve to stick to its aggressive rate hike path. That said, subdued action around the US Treasury bond yields fails to impress the USD bulls and could lend some support to the GBP/USD pair ahead of the closely-watched US jobs data.

TODAY GBPUSD SIGNAL : The popularly known US NFP report, due for release later during the early North American session, could influence the Fed’s near-term policy outlook. This, in turn, will play a key role in driving the USD demand and provide a fresh directional impetus to the GBP/USD pair. The bleak outlook for the UK economy, meanwhile, still favours bearish traders.

Hence, any attempted recovery could now be seen as a selling opportunity and runs the risk of fizzling out. The GBP/USD pair seems vulnerable to extending its recent pullback from the vicinity of mid-1.2400s, or the highest level since June 2022. Nevertheless, spot prices remain on track to register heavy weekly losses, marking the third in the previous four.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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