Dukascopy

GBP/USD muted ahead of Payrolls data

FX:GBPUSD   British Pound/U.S. Dollar
37 0 0
"Sterling is everyone's favourite currency to sell at the moment."
- Bank of New York             Mellon (based on Bloomberg)

Pair's Outlook

The British currency was able to almost completely recover from its daily low yesterday, posting just a 12-pip loss over the day. Even though the 2015 low was only retested, a strong reading of the US Payrolls data today might cause the GBP/USD             to drop to a fresh five-year low. Furthermore, a breach of the immediate support cluster is likely to prolong the Cable's bearish trend until the pair falls to 1.4235—the 2010 low. Contrariwise, a disappointment in the labour market figures could trigger an anticipated rebound, with the nearest resistance in face of the weekly S1 unable to hold the gains.

Traders' Sentiment
Bullish traders' sentiment remains unchanged at 64%, while the portion of orders to buy the Sterling edged up from 58 to 69%.
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