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GBP/USD trades below 1.2800 after safe haven flows bolster Greenback

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GBPUSD News

NFP,Fed

GBP/USD shed a third of a percent through Tuesday’s trading, falling below 1.2800 after short-lived bullish momentum carried the pair into its highest bids since mid-March.

GBP/USD declined 0.3% on Tuesday after risk-off USD bids. Softening UK data mixes poorly with declining Fed rate cut hopes. US markets set to pivot to key US labor data ahead of Friday’s NFP. The Cable is falling back after three straight bullish days, and market sentiment is broadly pivoting into Greenback bids as hopes for a Federal Reserve rate cut get pushed out to November. UK BRC Like-For-Like Retail Sales grew less than expected for the year ended in May, printing at 0.

ADP’s Employment Change in May is forecast to ease to 173K from the previous 192K, while Friday’s NFP is expected to bounce to 190K from the previous 175K. GBP/USD technical outlook GBP/USD has fallen back from near-term highs above the 1.2800 handle, and is set for a rough decline to the lower bound of a choppy rising channel. The bottom could potentially get priced in between 1.2720 and 1.

 

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