GBP/USD: Sterling Hits Double Top at 10-Week High as Dollar Weakens Ahead of Jobs Report

Major economic update is keeping traders on the edge of their seats and glued to the screen. 198,000 is the expected figure.

Key Points:

• Double top rests at $1.2820.
• NFP data looms later today.
• Did anyone say triple top?
• The GBPUSD pair hit a double top at $1.2820 early Friday, bumping to a 10-week high before ricocheting to the downside. The exchange rate has been rising for six days straight as the US dollar has been retreating amid talks of lowering interest rates. A key report could change, or reaffirm, the narrative.
• It’s Jobs Day! The US will publish its nonfarm payrolls data for February and markets are looking for 198,000 new hires added for the month. Any number above the consensus will indicate that January’s scorching-hot figure was not simply an anomaly, but rather a trend in the making.
• With that said, technical analysts may look farther back in search of a potential triple top with the exchange rate’s peak on August 10. Back to fundamentals—what could potentially propel the GBPUSD above the immediate resistance is a cool report, showing that labor-market conditions have softened with fewer jobs created.