- GBP / USD Outlook Points North as well as pounds for the dollar weakness.
- American data discovered only 73,000 new jobs in July.
- The English bank is likely to cut rates on Thursday.
GBP / USD Outlook Points North as well as pounds for the dollar weakness. Greenback on Friday on Friday on Friday after a bad Rasim and audit reports down to the previous reading. Meanwhile, market participants are prepared for cutting on Thursday.
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The dollar fought after the report of American Nefarm of Payrolls on Friday. According to data, there were only 73,000 new jobs in July, compared to a forecast of 106,000. At the same time, there were sharp audits downward in the last two reports that further weighed on the dollar. The audits have shown that the labor market deteriorated more than thought. As a result, experts predicted a decrease in the feedback rate in September.
“The report itself was not so weak, but the audits were extremely important,” said Mohamad Al-Saraf, FKS Strategist in Denmark Bank.
“We are hard to see how Fed cannot lower lower to the course in September.”
In the meantime, the bank of England is likely to reduce the rates on Thursday to support the weak economy of the UK. However, the Central Bank must balance between poor growth and pressure on prices. Therefore, traders will focus on the tone during the meeting.
GBP / USD Key events Today
The couple will probably start a week slowly because there are no key events from Great Britain or US.
GBP / USD Technical Outlook: Bullish Engulfing candle
On the technical page, the price of GBP / USD refused to reset 30 SMA resistance. However, since it remains on the underside, the bears are in lead. At the same time, RSI is just under 50, supporting the bear momentum.
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However, the decline paused when it came to Level 1,3151. At the same time, the price formed crabs of candle, signaling probable turnaround. As a result, bull challenge trend trends on 30ths.
The pause above the SMA would show the transition to a sense that could lead to a new post. However, the bulls should be violated above 1,3402 resistance and start making higher high and lower ones to confirm a new trend. On the other hand, if it keeps the company, the price is likely to be reduced to re-set support 1.3151.
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