FOREXN1

GBP/USD Experiences Bearish Start Amid Robust US Jobs Data

Long
FOREXN1 Updated   
FX:GBPUSD   British Pound / U.S. Dollar
GBP/USD Experiences Bearish Start Amid Robust US Jobs Data

GBP/USD initiated the new week with a robust bearish move during the European session, prompted by the release of strong Nonfarm Payrolls (NFP) data in the US. The NFP report revealed a significant increase of 353,000 jobs in January, coupled with revisions of 126,000 for the November and December figures by the Bureau of Labor Statistics. Consequently, the yield on the 10-year US Treasury bond surged beyond 104.00, leading the USD Index to climb over 0.8%, reaching its highest level since early December above 104.00.

In a Sunday interview with CBS News' 60 Minutes, Federal Reserve Chairman Jerome Powell maintained a cautious stance, reiterating that the March policy meeting was likely too soon to consider rate cuts. Unless there is a pushback from policymakers, leaving the possibility of a rate cut in March, the USD is anticipated to sustain its strength. Given the robust job report for January, Fed officials are unlikely to adopt a dovish tone.

From a technical perspective, the price broke below the range area where it had been fluctuating, dropping below the 1.2570 area. In this zone, the price may encounter a fair value gap to fill before experiencing a pullback on the upside. This breakdown is perceived as a false break, and there is an inclination to buy GBP/USD at a discounted price. The stochastic indicator is also in an interesting area, suggesting potential growth. In conclusion, the outlook leans towards a bullish impulse.


Our Idea:

Above
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Trade active:
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SL Moved in Profit


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