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Pound rebounds after NFP
GBP/USD has recouped it losses in overnight trading as the mixed jobs data from the US on Friday led to profit-taking on the greenback.
Going into the jobs report, sterling was sliding towards the $1.58 mark, and traders put their weight behind the figure of 214,000 (versus 235,000 expected) even though the September figure was revised higher by 8000 to 256,000.
The revision can often be more important than the headline. There is nothing to say that October’s figure won’t be revised next month, which is why I feel the jobs report was good overall and why I foresee the pound depreciating against the US dollar.
We are not expecting any major economic announcements from the UK or US so volatility is likely to be low.
The near-term target for the pound is $1.5840 and then $1.58 would be the focus for traders. Looking at the hourly chart, the pound is overbought so a move lower would not be a surprise.
To the upside, a move through $1.59 would put the 200-hour MA of $1.5971 on the radar and beyond that $1.60 would become the next stumbling block.