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GBP/USD: can today’s US NFP report send the cable higher?

GBP/USD spiked higher on Thursday’s session after the sell-off abated with the 1.58 support level showing significant strength. At 1.5844 at the time of writing, the market has lost some momentum amid profit-taking this morning, but as long as we remain above 1.58, the cable remains in a positive stance.

A break above 1.59 would reinforce the bullish outlook in the market that could reach as high as 1.63. Today’s US jobs numbers could well be the catalyst for such a movement. Key confirmation for a buy-and-hold would be a daily close above 1.59. In the alternative scenario, watch out for a downside penetration of 1.58, that would put the key support level at 1.56 back in focus.

Get set for data releases today. Apart from the US nonfarm payrolls, traders will be focusing on the EU unemployment rate and US consumer sentiment.

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Dafni Serdari
Market Analyst

Published: 1 February 2013

You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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