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130 pips in one day on GBP/USD!

130 pips in one day on GBP/USD! | 02 February 2024

02 February 2024, GBP/USD

130 pips in one day on GBP/USD!

Event to watch out for today:

15:30. USD - Non-Farm Payrolls

GBPUSD:

The GBP/USD pair is trying to capitalise on the previous day's solid recovery of 130 pips from the 1.2625 area, or above the two-week low, and is fluctuating in a tight range during the Asian session on Friday. Spot prices are currently trading near the mid-1.2700s, closer to a one-week peak, as traders await the monthly US jobs report before making new bets.

Bank of England Governor Andrew Bailey said that more evidence needs to be seen that inflation will fall to and stay at the 2 per cent target before rates can be cut. Meanwhile, expectations of an imminent Federal Reserve (Fed) policy change are keeping US Dollar (USD) bulls on the defensive near the weekly low and providing further encouragement for the Pound-Dollar pair.

Some buying beyond the 1.2770-1.2780 horizontal resistance would confirm the positive bias and lift spot prices above 1.2800, into the 1.2825-1.2830 area, or the multi-month peak reached in December. A subsequent upward movement could lift GBP/USD towards 1.2900. The momentum could extend further towards the 1.2940-1.2945 area on the way to the psychological 1.3000 mark.

Trading recommendation: Trade with Buy orders from the current price level

Important macroeconomic news is coming out today, you can take advantage of it! Connect 101% drawdown bonus and trade with double deposit! Bonus funds will help to increase profits or withstand a sudden drawdown!

David Johnson
Analyst of «FreshForex» company
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