GBP/USD Rebounds from 0.618 Arc as Global Yields Surge and US Payrolls Loom

The British Pound has rebounded from its 0.618 Resistance Arc on the two-hour chart, according to Arc Cycle Analysis. This move confirms a bearish reaction and opens up the possibility for further price movement towards the target of 1.3170.

The Pound's recent performance has been lackluster, with it trading near three-month lows against the US Dollar. The safe-haven status of the US Dollar has been boosted by a surge in global yields, causing investors to focus on the upcoming US Nonfarm Payrolls report.

The market consensus expects 90,000 new jobs to have been created in September, with the Unemployment Rate remaining steady at 4.1%. The ADP Employment Change report beat expectations earlier this week, adding to hopes for a strong payrolls reading on Friday.