“¢ USD continues losing ground after weaker than expected ADP report.
“¢ GBP remains supported by recent positive UK data/Carney’s comments.
The GBP/USD pair maintained its strong bid tone through the early North-American session and refreshed session tops following the release of US ADP report.
The already weaker US Dollar slipped further after the latest ADP report showed that the US private sector employer added 177K new jobs during the month of June. The headline reading fell short of consensus estimates, pointing to an addition of 190K new jobs, and also worse than the previous month’s figure of 178K.
Meanwhile, the British Pound remains supported by the recent positive UK economic data and the latest hawkish comments by the BoE Governor Mark Carney. This coupled with persistent USD selling bias assisted the pair to build on last week’s goodish rebound from YTD lows and inch back closer towards reclaiming the 1.3300 handle.
Today’s US economic docket also features the release of ISM non-manufacturing PMI, which along with the latest FOMC meeting minutes might continue to produce some meaningful short-term trading opportunities ahead of Friday’s keenly watched US monthly jobs report – NFP.
Technical levels to watch
Sustained momentum beyond the 1.3275-80 region has the potential to continue lifting the pair even beyond the 1.3300 handle towards testing the 1.3335-40 supply zone.
On the flip side, the 1.3240-35 region now seems to protect the immediate downside, which if broken could accelerate the fall towards the 1.3200 handle en-route 1.3180-75 support area.
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