“¢ ADP report shows US private sector employment increased by 163K.
“¢ USD bulls remain on the defensive after weaker headline figures.
“¢ Traders now eye ISM non-manufacturing PMI for fresh impetus.
The GBP/USD pair built on its steady intraday climb from sub-1.2900 level and refreshed session tops post-US ADP report.
After yesterday’s volatile swings, led by Brexit headlines, the pair regained some positive traction for the second consecutive session and was being supported by some fresh US Dollar selling bias.
The already weaker greenback was further weighed down by the latest ADP report, showing that the US private sector employers added 163K jobs in August as compared to 190K anticipated and worse than 219K in the previous month.
The pair has now moved back above mid-1.2900s as market participants now look forward to the release of US ISM non-manufacturing PMI for some fresh trading opportunities through the US trading session.
Technical levels to watch
On a sustained move beyond 1.2965-70 area, the pair is likely to make a fresh attempt towards conquering the key 1.3000 psychological mark before testing 50-day SMA hurdle near the 1.3015 region.
On the flip side, the 1.2910-1.2900 region now seems to have emerged as an immediate support, which if broken could drag the pair back towards mid-1.2800s en-route the 1.2800 handle.
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