- GBP / USD price analysis shows a jump in the dollar.
- The American data revealed another week from declining unemployment requests.
- The data was discovered by mixed performance for US business activity.
GBP / USD price analysis shows a jump in the dollar, such as the recruitment figure further reduced expectations to reduce the feedback rate. At the same time, the focus on the market turned to the upcoming meetings with food, where Powell could maintain his cautious tone.
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The dollar recovered on Thursday after data revealed another week from declining unemployment requests. The requirements fell to 217,000 last week, another refusal week. Meanwhile, economists predicted an increase of 227,000. The decline pointed to the continuation of labor market resistance, which could persuade the feeding to continue reducing the rate.
Meanwhile, a special report has discovered a mixed performance for American business activity. PMI production fell unexpectedly from 52.9 to 49.5. Meanwhile, PMI services unexpectedly increased from 52.9 to 55.2.
At the end of the day, the treasury gave a rose, and the dollar was acquired in a kilogram. Participants in the market are convinced that Fed will continue to reduce the delay rate. As a result, they expect Powell to keep their cautious tone at the policy meeting next week.
GBP / USD Key events Today
The market participants do not expect any key economic editions from the United Kingdom or the United States. Therefore, a couple could extend the move on Thursday.
GBP / USD Technical price analysis: Bears target support from 1,3400
On the technical side, GBP / USD price has broken below 30th, a sign that bears took advantage. At the same time, the RSI violated below 50, suggesting a stronger bear. The bears took responsibility when the price met a retransion level of 0.5 FIB and refused lower. The bounce led to a sharp drop that broke under 30ths.
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The GBP / USD initially traded a strong race before the bulls would take over near the support level of 1,34.00. They gained a sharp momentum to a level of 0.5 FIB. However, they were not strong enough to start a bikar trend with higher high and most modern. Moreover, they were not able to maintain the price above SMA.
With a leading bear, the price is likely to fall to re-set up at the level of support from 1,34.00. The break below this level will confirm the continuation of the previous power. At the same time, it would strengthen the bear.
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