GBP/USD bounces off January 2017 lows as greenback drops ahead of the key US employment data. No-deal Brexit pessimism keeps weighing on the sentiment. UK Construction PMI can offer intermediate moves ahead of the UK jobs report. Although no-deal Brexit pessimism keeps weighing on GBP/USD, the latest retreat of the US Dollar (USD) helps the Cable to recover from multi-month low while taking rounds to 1.2125 on early Friday. With the Bank of England (BOE) downsizing growth forecasts and conveying worries for a no-deal Brexit, the Cable nosedived to the lowest since January 2017 on Thursday. Initially adding to the weakness was the USD’s strength on the back of the Fed’s less dovish rate cut while the US President Donald Trump’s fresh tariff announcement triggered the greenback’s retreat afterward. Not only fears of a global slowdown due to the US-China trade war but the presence of monthly employment data from the US also added to the investors’ cautious mode during the early Asian session. It should, however, be noted that the no-deal Brexit fears remain in the spotlight as the UK policymakers have increased emphasis on preparing for such an event ahead of the parliamentary recess. On the economic calendar, the British Construction Purchasing Managers’ Index (PMI) for July can offer intermediate trading opportunities ahead of the previous month jobs data from the US. Forecasts suggest, the UK Markit Construction PMI to recover to 46.0 from 43.1 versus likely decline in the headline US Nonfarm Payrolls (NFP) to 164K from 224K. Though, Average Hourly Earnings (YoY) may improve to 3.2% from 3.1% whereas the Unemployment Rate could remain static at 3.7%. Technical Analysis While 1.2100 holds the gate for the pair’s further declines towards 1.2000 and the year 2017 low near 1.1987, recovery beyond the previous-day high of 1.2172 can recall 1.2250 back to the chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next When is Australia Retail Sales and how could it affect AUD/USD? FX Street 4 years GBP/USD bounces off January 2017 lows as greenback drops ahead of the key US employment data. No-deal Brexit pessimism keeps weighing on the sentiment. UK Construction PMI can offer intermediate moves ahead of the UK jobs report. Although no-deal Brexit pessimism keeps weighing on GBP/USD, the latest retreat of the US Dollar (USD) helps the Cable to recover from multi-month low while taking rounds to 1.2125 on early Friday. With the Bank of England (BOE) downsizing growth forecasts and conveying worries for a no-deal Brexit, the Cable nosedived to the lowest since January 2017 on Thursday. Initially adding to the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.