GBP/USD Price Analysis: Manages breath above 1.1900, downside seems favored GBPUSD NFP SupportResistance YieldCurve Reversal
Nonfarm Payrolls and the United Kingdom’s manufacturing data for fresh impetus. is facing heat in extending its recovery above 105.35 as mixed responses from US labor market-linked indicators have confused investors about the strength of the labor market. A significant jump in Initial Jobless Claims data released on Thursday, and a four-fold planned lay-off, as reported by Reuters, indicates signs of deceleration in the employment status, which has improved demand for US Treasury bonds.
Stretched recovery in the GBP/USD pair has met with the horizontal resistance plotted from February 17 low at 1.1915 on an hourly scale. The Cable is demonstrating an inventory adjustment phase, which could be a transfer of inventory from institutional investors to retail participants.Meanwhile, the Relative Strength Index has slipped to near 60.00 but has not surrendered the bullish range yet.break below the round-level support of 1.
On the flip side, a move above February 24 high at 1.2040 will drive the asset toward February 23 high around 1.2080. A breach of the latter will expose the asset to February 21 high around 1.2140.
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