1. Fundamental Overview
The GBP/USD pair faded a knee-jerk spike to levels beyond the key 1.30 psychological mark and quickly retreated around 40-50 pips from over one-week tops touched earlier today.
The British Pound rallied hard across the board after the EU's chief Brexit negotiator Michel Barnier said that they are open to discussing other backstops with regards to the Irish border and that a no-deal scenario is "not our scenario".
The up-move, however, started losing steam near the 1.3025-30 zone, with the latest US monthly jobs report providing a minor boost to the US Dollar and exerting some downward pressure during the early North-American session.
The headline NFP print showed that the US economy added 201K new jobs in August, much higher than 157K in July and better than 191K anticipated. Meanwhile, the unemployment rate held steady at 3.9% as against a tick lower to 3.8% but was largely negated by stronger than expected average hourly earnings growth of 2.9% y/y, reinforcing hawkish Fed outlook
With today's key event risk out of the way, any fresh Brexit-related news/developments might influence the price action and assist traders to grab some meaningful trading opportunities on the last trading day of the week.
2.Technical Overview
Immediate support is now pegged near the 1.2950-45 region, which if broken might negate prospects for any further up-move and drag the pair back towards the 1.2900 round figure mark. On the flip side, momentum back above the 1.30 handle, leading to a subsequent move beyond session high level of 1.3028 has the potential to continue lifting the pair further towards reclaiming the 1.3100 handle en-route the 1.3125-30 supply zone.
3.Overall opinion
From Daily chart, a reversal signal seems formed and it has already hit the 1.30 psychological level then bounced back. Because of the strong data released from US. So go short next week
The GBP/USD pair faded a knee-jerk spike to levels beyond the key 1.30 psychological mark and quickly retreated around 40-50 pips from over one-week tops touched earlier today.
The British Pound rallied hard across the board after the EU's chief Brexit negotiator Michel Barnier said that they are open to discussing other backstops with regards to the Irish border and that a no-deal scenario is "not our scenario".
The up-move, however, started losing steam near the 1.3025-30 zone, with the latest US monthly jobs report providing a minor boost to the US Dollar and exerting some downward pressure during the early North-American session.
The headline NFP print showed that the US economy added 201K new jobs in August, much higher than 157K in July and better than 191K anticipated. Meanwhile, the unemployment rate held steady at 3.9% as against a tick lower to 3.8% but was largely negated by stronger than expected average hourly earnings growth of 2.9% y/y, reinforcing hawkish Fed outlook
With today's key event risk out of the way, any fresh Brexit-related news/developments might influence the price action and assist traders to grab some meaningful trading opportunities on the last trading day of the week.
2.Technical Overview
Immediate support is now pegged near the 1.2950-45 region, which if broken might negate prospects for any further up-move and drag the pair back towards the 1.2900 round figure mark. On the flip side, momentum back above the 1.30 handle, leading to a subsequent move beyond session high level of 1.3028 has the potential to continue lifting the pair further towards reclaiming the 1.3100 handle en-route the 1.3125-30 supply zone.
3.Overall opinion
From Daily chart, a reversal signal seems formed and it has already hit the 1.30 psychological level then bounced back. Because of the strong data released from US. So go short next week