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May 05 - 08:55 AM

GBP/USD - Maintains 1.26 Handle Before U.S. Jobs Report

By Rob Howard  —  May 05 - 06:45 AM
  • Cable elicited support at 1.2600 after retreating from 1.2633 (48-week high)

  • 1.2600 is a former resistance level (1.2599 was Thursday's high)

  • U.S. Apr jobs report due at 1230 GMT. NFP f/c 180k; AHE f/c 4.3% YY

  • NFP miss might further inflate GBP/USD towards 1.2666 (May 2022 high)

  • 1.2550 (Thursday's low) and 1.2539 are support points below 1.2600

  • UK Apr construction PMI 51.1 vs 51.0 f/c. BoE 25 bps hike expected next week

Source:
Refinitiv IFR Research/Market Commentary

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