GBP/USD Recovers After Weak US Jobs Data

The GBP/USD pair has rebounded after a recent decline, driven by a weaker US Dollar. The disappointing US Jobs report, which showed a significant decline in job growth, has increased expectations for further interest rate cuts by the Federal Reserve.

Key Factors:

  • Weak US Job Data: The weaker-than-expected US Jobs report has dampened the US Dollar’s strength.
  • BoE Rate Hike Expectations: The Bank of England is expected to continue its tightening cycle, which could support the Pound Sterling.
  • Global Economic Outlook: Global economic uncertainties and geopolitical tensions are also influencing the currency pair.

Technical Analysis:

  • Upward Trend: The GBP/USD pair is in an upward trend, with the potential for further gains.
  • Resistance Levels: The 1.3000 level is a key resistance level.
  • Support Levels: The 1.2900 and 1.2800 levels are potential support levels.

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