GBP/USD Rebounds Ahead of Key U.S. Jobs Data
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The GBP/USD pair has clawed back to $1.3310 after testing critical support at $1.3260, a level representing the 0% Fibonacci retracement of its recent decline from $1.3443. market participants now watch the descending trendline resistance at $1.3331—coinciding with both the 38.2% Fib level and the 50-period EMA—for directional cues.
While the MACD shows tentative upward momentum, this rally remains counter-trend, unfolding within a broader bearish structure. All eyes turn to today’s U.S. non-farm payrolls report, which could either validate the dollar’s recent strength or trigger a broader risk-asset reversal. Meanwhile, the Bank of England’s dovish tilt continues to cap sterling’s upside potential.
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