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Nov 04 - 01:55 PM

GBP/USD - COMMENT-Sterling Shrugs Off US Payrolls Rise To Focus On Rising Unemployment

By Paul Spirgel  —  Nov 04 - 10:00 AM

Sterling rose on Friday, advancing to a session high of 1.1297 after U.S.
non-farm payrolls data
showed the unemployment rate increased, suggesting the cumulative effects of super-sized rate hikes may be slowing the economy enough for the Fed to decelerate the pace of tightening and stall GBP/USD's decline.

The pound had come under renewed selling pressure this week after traders interpreted the Fed meeting outcome as hawkish and the BoE as dovish, even though both hiked rates by 75bp.

The payrolls data may level the playing field, allowing GBP/USD to recoup some losses after cable fell from highs in the mid-1.15s.

Sterling bulls now target resistance at the daily cloud top at 1.1309, followed by 1.1339, the 38.2% Fib of 1.1645-1.1150 late-October dip.

Despite a 1% gain, momentum remains with GBP/USD bears as long as sterling remains below 1.1398, the 50% Fib of the late October-November slide.
A rise above 1.1398 would open the way for a further retracement toward the Oct.
27 high at 1.1645 and the peak of 1.1738 hit before its budget-debacle collapse.

For more click on FXBUZ

Refinitiv IFR Research/Market Commentary


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