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GBP/USD: Breakout potential above 1.557 ahead of US NFP

The selling pressure pushed GBP/USD back to the 1.5495 support area yesterday as volatility spiked following the ECB announcement. At 1.5531 at the time of writing, the market is in an undecided territory this morning. The pair remains in a bullish trend and we expect to see further upside, with the current pullback offering a good buying opportunity for medium term trading. With the US Non-Farm Payroll the highlight of the day, we expect to see a lot of action in the pair today. Key target for the bulls to watch sits at 1.557. A break above that area would open the door for the next key resistance level at 1.5645. In the alternative scenario, we need to see a consistent break below 1.5445 in order for the bias to turn to negative, but this is hard to imagine at the moment.

Dafni Serdari
Market Analyst
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