$GBPUSD Weekly Forecast: Buy the dip in US Nonfarm Payrolls week? Read More!▶️ Forex NFP
reported on Friday. The market consensus expected a reading of 4.6%. The annual Core PCE Price Index, the Federal Reserve's preferred gauge of inflation, edged lower to 4.6% from 4.7% in the reported period.
Monday will feature the final Manufacturing PMI reports from both sides of the Atlantic but the US ISM Manufacturing PMI and its sub-components will hold significance. China will also report the Caixin Manufacturing PMI, which could affect risk sentiment and higher-yielding currencies such as theTuesday will be rather quiet as US markets will be closed on account of Independence Day, diverting GBP/USD’s attention toward Wednesday’s US Factory Orders and Minutes of the Fed’s June meeting.
On Friday, the main focus will be on the US labor market report, with the headline NFP and wage inflation data likely to be closely examined for the Fed’s future policy path. A weekly close above the latter would call for a bearish reversal, fuelling a recovery toward the initial upside hurdle at the weekly high near 1.2750. The next critical resistance for the pair is seen at the 1.2850 neighborhood, from where the rates have pulled back twice in the last fortnight.The 14-day Relative Strength Index has edged higher above the midline, suggesting that the rebound in the GBP/USD pair could have some legs.
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