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Sterling slips before jobs data
Sterling is trading sideways against the dollar and the market is expecting low trading volumes and little volatility on the run up the announcement. GBP/USD has been in a downward trend over the past week, and today’s non-farm payrolls announcement will be a turning point as to whether a correction will get under way or whether there will be a continuation of the trend. The recent move we have seen in GBP/USD has been mostly dollar driven, but it is worth noting that the UK services report missed estimates – the services sector accounts for nearly 80% of the British economy.
The UK will release the consumer inflation expectations at 9.30am (London time). The previous reading came in at 2.5%, and should today’s announcement show a dip in CPI expectations it will put pressure on GBP/USD.
The currency pair is encountering resistance at the 50-day moving average at $1.5240, and should this level be held the support at $1.52 will be brought into play. If that mark is punctured $1.51 will become the target. A move above the 50-DMA will bring $1.5260 into sight, and then traders will look to $1.53.