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Forex

GBPUSD Gathers Strength Ahead of US NFP Data

Guavy AI Editorial Team
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USD GBP
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The British Pound (GBP) traded marginally lower at around 1.3460 against the US Dollar (USD) during Thursday's European trading session, while investors shifted their focus to the upcoming US Nonfarm Payrolls (NFP) data.

Economists at Deutsche Bank expect Friday's July payrolls report to show a modest improvement in hiring, with employment growth of +65k, slightly above June's +57k reading.

The Cable appears to be gathering strength for a decisive breakout of the Volatility Contraction Pattern (VCP) at around 1.3471, but faces resistance from the former trend line break price at this level and the July 15 high at 1.3558 on the topside.

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