GBP/USD Experiences Bearish Start Amid Robust US Jobs Data
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 1.2480 look for further upside with 1.2650 & 1.2750 as targets.
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 1.2480 look for further upside with 1.2650 & 1.2750 as targets.
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🟪 Instagram: instagram.com/forexn1_com/
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.