Start
trading

Main >
Analytics
>
Fresh forecast
>
Forex Fundamental Analysis
>
GBP/USD awaiting US non-farm employment data

GBP/USD awaiting US non-farm employment data | 05 April 2024

05 April 2024, GBP/USD

Events to pay attention to today:

15:30 EET. USD - Nonfarm Payrolls

GBPUSD:

During the early Asian session on Friday, the GBP/USD pair traded with a slight negative bias around 1.2640. Investors will be closely monitoring the expected US non-farm payrolls data on Friday, following a

rise in initial jobless claims in the US to a two-month high last week. On Thursday, the Labour Department reported that the number of Americans filing new claims for unemployment benefits for the week ended March 30 increased by 9,000 to 221,000 from the previous week's 212,000. This was below the market consensus forecast of 214,000. Additionally, jobless claims decreased by 19,000 to 1.791 million in the week ended March 23. Following the release of weak economic data from the US, the dollar dropped below the 104.00 support level. However, the safe-haven dollar reduced losses as fears of an Iranian attack on Israel increased market uncertainty.

According to the Express newspaper, the CIA has warned Israel that Iran will attack within the next 48 hours. The warning came after Israel attacked Tehran's consulate in Damascus, Syria, killing two Iranian military leaders. Escalating geopolitical tensions in the Middle East could strengthen the US Dollar and pose a challenge for GBP/USD.

On the other hand, the Pound Sterling (GBP) will be affected by market forecasts for a Bank of England (BoE) rate cut. Investors anticipate that the UK central bank will reduce borrowing costs in June due to the country's consistently slowing inflation. In recent weeks, Bank of England Governor Andrew Bailey has stated that further positive signs of decreasing inflation have brought the UK economy closer to the point where the central bank could begin to cut interest rates.

Trading recommendation: Trade buy orders when the price reaches 1.2660.

Fund your account with cryptocurrency and you will get up to 10% in balance on your first deposit. The extra funds will be used for trading, increasing trading volumes and helping you withstand drawdowns.

David Johnson
Analyst of «FreshForex» company
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.