FXStreet (Mumbai) – GBP/USD bounced-off lows just ahead of 1.53 barrier and trimmed losses in the European session while traders unwind their GBP longs ahead of the most influential monthly labour data from the US due later today.
GBP/USD pressured before NFP
The GBP/USD pair trades -0.27% lower at 1.5323, retracing from 1.5301 lows. The cable remains pressured mainly as the pound was sold-off on a profit-taking rally after the recent strength. While traders prefer to unwind their positions ahead of the key U jobs data.
Moreover, mildly stronger US dollar across the board in anticipation of better than expected NFP figures following positive ADP and jobless claims data also weighs on GBP/USD. The US dollar index, measuring the relative strength of the greenback against a basket of six major currencies, trades 0.10% higher at 95.58.
Meanwhile, market awaits the crucial US non-farm payrolls. The report should reveal 227,000 new jobs added to the US economy after 223,000 a month ago, while the market will also pay close attention to hourly average income.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5370 (Today’s High) above which gains could be extended to 1.5400 levels. On the flip side, support is seen at 1.5301 (Today’s Low) below which it could extend losses to 1.5249 (June 3 Low) levels.
(Market News Provided by FXstreet)