GBP/USD – Re-test of sub-1.30 levels could be seen

FX:GBPUSD   British Pound / U.S. Dollar
Despite Cable’s sharp recovery from yesterday’s low of 1.2874, the subsequent failure in breaching key resistance of 1.3056 (July 26 low) in the NY session followed by a failure to hold above the same in Asia suggests the currency may re-test 5-DMA stationed around 1.2960 before making another attempt at 1.31 levels.

Eyes Labor data

UK labor data for the month of July = Post Brexit period is scheduled for release today. This would give us a clear picture of whether Brexit impact is taking hold or economy remained resilient to scaremongering.

Wage growth numbers ‘for June’ are unlikely to get much attention from the markets.

Strong jobs growth figure could yield a rally to 1.31 levels. On the contrary, a weak figure would add to speculation of further BOE easing and thus send Cable lower to 1.29 handle.
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