- No new Brexit news leaves the Sterling spinning in the middle.
- US NFP Friday is upon markets once again, and underlying wage figures will be seeing a close reading.
The GBP/USD pair is trapped near 1.2925 ahead of a tense Friday that sees another round of the US Non-Farm Payrolls and the Sterling is struggling to find momentum in either direction after getting propped up this week by newfound hopes that a soft Brexit agreement can be made between the EU and the UK before the final Brexit countdown ends next March.
This Friday sees US Non-Farm Payrolls at 12:30 GMT, where median market forecasts are calling for 191 thousand jobs added in August compared to the 157 thousand additions the month prior. Average Hourly Earnings for the year into August are dropping at the same time, expected to hold flat at 2.7%, and stagnant earnings could be the black sheep of Friday’s US jobs showing.
GBP/USD Technical Analysis
The Sterling-Dollar pairing is middling after little new developments for Brexit followed the news that the UK and the EU may be a step closer to finding a middle ground in negotiations this week, but doubts remain and the GBP is struggling to see meaningful bullish momentum develop with NFP in the pipe. EMAs on the lower TFs are all beginning to middle, and moves heading into the Friday snap can be expected to be sudden.
GBP/USD Chart, 15-Minute
| Spot rate: | 1.2920 |
| Relative change: | Negligible |
| High: | 1.2935 |
| Low: | 1.2913 |
| Trend: | Sideways |
| Support 1: | 1.2913 (current day low) |
| Support 2: | 1.2902 (200-hour EMA; round figure) |
| Support 3: | 1.2785 (technical bottom) |
| Resistance 1: | 1.2982 (current week high) |
| Resistance 2: | 1.3010 (50-day EMA) |
| Resistance 3: | 1.3043 (previous week high) |
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