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May 03 - 03:55 PM

GBP/USD - Gassed Ahead Of 100-DMA After Below-Forecast US Payrolls Data

By Paul Spirgel  —  May 03 - 01:40 PM
  • GBP$ ekes out slight gain, +0.06% at 1.2545; Friday range 1.2634-1.2530

  • Pair climbed to 3-week high 1.2630 after soft U.S. payroll data

  • Sterling bulls feast after soft payroll data affirms dovish Fed tack

  • Data initially sank UST yields dragging USD broadly lower, then USD sank

  • GBP$ supported ahead of minor Fib at 1.2526 as bottom-fishers entered mkt

  • Below 1.2525 supt at 10-DMA 1.2504, Apr 26 low 1.2449, lwr 30-d Bolli 1.2359

  • Res at 1.2596, bruised 50% Fib of 1.2894-1.2299 and 1.2630 Friday high

  • With Fed tipped to less-hawkish path, focus shifts to BoE Presser May 9

Source:
Refinitiv IFR Research/Market Commentary

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