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Reading: Pound Sterling drops below 1.3200 as US NFP growth falls below estimates.
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Gulf Press > Business > Forex > Pound Sterling drops below 1.3200 as US NFP growth falls below estimates.
Forex

Pound Sterling drops below 1.3200 as US NFP growth falls below estimates.

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Last updated: 2024/09/07 at 1:19 PM
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The Pound Sterling has failed to hold its weekly high of 1.3225 against the US Dollar as the Greenback has bounced back strongly. Despite the US Nonfarm Payrolls (NFP) data for August coming in lower than projected, the US Dollar has rebounded sharply, leading to a decline in the GBP/USD pair. Investors are predicting that the Bank of England (BoE) will cut interest rates only once in the remainder of the year.

The NFP report showed that US employers hired 142K new workers in August, lower than estimates but higher than the previous month. The Unemployment Rate also declined as expected, showing signs that the Federal Reserve will begin reducing interest rates this month. Traders are split over the size of the potential interest rate cut, with some expecting a larger cut following poor US employment data for July and August.

The Average Hourly Earnings data has shown an increase on both a year-on-year and month-on-month basis, indicating strong wage growth. Despite this positive data, the Pound Sterling has surrendered its gains against the US Dollar, weakening against other major currencies. Market sentiment and speculation regarding the BoE’s interest rate path are influencing the value of the Pound.

The outlook for the British currency remains positive as investors anticipate a more gradual easing cycle compared to other central banks. Next week, focus will be on UK Employment and GDP data, which will play a key role in the BoE’s decision on interest rates. From a technical analysis perspective, the Pound Sterling has fallen below the 1.3200 level against the US Dollar. However, the GBP/USD pair remains firm and shows a strong bullish trend, supported by upward-sloping EMAs and the RSI suggesting a resumption in bullish momentum.

Looking ahead, the GBP/USD pair may face resistance near the psychological level of 1.3500 and the high of 1.3640 if it breaks above 1.3266. Key support levels include the psychological level of 1.3000. Overall, despite the recent decline in the Pound Sterling against the US Dollar, the currency pair’s technical analysis suggests a positive outlook with potential for further gains in the future. Investors will continue to monitor economic data and central bank decisions to gauge the future direction of the Pound Sterling.

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News Room September 7, 2024
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