NFP Forecast GBPUSD by ForexSQ

FX_IDC:GBPUSD   British Pound / U.S. Dollar
GBP/USD             has been staying in a consolidation channel for the past two months since Brexit. Positive NFP numbers may force the pair to test 1.28 level. In case that support is violated, 50% Fibo expansion of Brexit fall around 1.24 level could be the next target. 1.33 area where Fibo 23.6% retracement is located can hold as a strong for a resistance for a while. 50 DMA is still staying below 100 DMA. RSI is close to 50 area and seems neutral at the moment and can stay around that level until NFP numbers are released.

It will be difficult for GBP to gain back the value following Brexit against USD since BoE and Fed are to follow different paths as far as their interest rate policy is concerned. BoE is expected keep expanding its monetary base to offset the negative impacts of Brexit in future meetings.

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