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Sep 02 - 11:55 AM

GBP/USD - COMMENT-Sterling Steady Post-Claims Data, Focus Shifts To US Payrolls

By Paul Spirgel  —  Sep 02 - 09:38 AM

Sterling steadied in early U.S. trade on Thursday, hovering in the middle of the day's near 1.3785 and shrugging off on-forecast jobless claims nL1N2Q321Z as markets braced for Friday's non-farm payrolls.

For now, GBP/USD finds resistance near 1.3800 ahead of multiple daily moving average resistance from the 30-DMA at 1.3809 to the 55-DMA by 1.3817.

Recent GBP/USD gains off Aug.
20's low at 1.3602 came as hawkish Fed expectations on tapering ebbed in the wake of Fed Chair Jerome Powell's dovish Jackson Hole speech, which he used to highlight his desire for more progress in employment.

Friday's non-farm payroll data, with a Reuters consensus forecast at 750k, poses risks for the dollar, with Wednesday's ADP disappointment leaving markets bracing for the potential of an undershoot, which could put GBP/USD's daily cloud top in focus and then upper 30-day Bolli resistance at 1.3977.

A strong payrolls report may provide the needed impetus for a taper announcement at the Sept.
22 Fed meeting, putting July 20's trend low at 1.3573 in focus.

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Source:
Refinitiv IFR Research/Market Commentary

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