The Great Britain Pound (GBP) inched rose against the U.S. Dollar (USD) on Friday, increasing the price of the GBPUSD pair to more than 1.3800, ahead of the release of U.S. Nonfarm Payrolls news.
As of this writing, the GBPUSD strengthens around 1.3833. The pair might face some resistance near the listed price levels.
1.3906 – the high of March 16, 2021
1.3969- the Fibonacci retracement (23.6%)
1.4000- the psychological level
On the downside, the pair might find some sustainability near the listed price levels.
1.3804 – the 38.2% fib level support
1.3745 – the low of April 01, 2021
1.3670 – the major horizontal support
U.S. Nonfarm Payrolls News
The U.S. Bureau of Labor Statistics anticipates releasing numbers for the Nonfarm Payrolls Today (April 02, 2021). As per economists, the Nonfarm Payrolls data is likely to register a reading of 647K in March, as compared to the reading of 379K, in the month before.
The Nonfarm Payrolls data shows the number of non-agricultural jobs created within the United States over the given period. The payroll data changes every month and can be highly volatile due to the direct relation with the Central Bank’s economic policy decisions. The Nonfarm payroll figures are subject to subsequent reviews and can potentially create additional volatility in the forex market. Generally speaking, a high reading is seen as positive for the U.S. Dollar and suggests a bearish market for the GBPUSD pair and vice versa.
Considering the macroeconomic outlook of the pair, selling the GBPUSD pair near 1.3906 might help to make some profits in the short to medium-term.