The Pound Sterling (GBP) rebounded firmly against the US Dollar (USD), with the GBP/USD pair snapping two weekly declines in a row.
The Pound Sterling rebounded from five-month lows at 1.2300 against the US Dollar. The GBP/USD upturn is unlikely to last as the Fed rate decision and US Nonfarm Payrolls loom. The Pound Sterling needs acceptance above 1.2555 to sustain the recovery. The daily RSI still lurks below 50.00, warranting caution for GBP/USD buyers. The Pound Sterling rebounded firmly against the US Dollar , with the GBP/USD pair snapping two weekly declines in a row.
The economic calendar is busiest on Wednesday even though it’s a European market holiday. The US docket features the ADP Employment Change data, followed by the ISM Manufacturing PMI and JOLTS Job Openings data. However, the main event risk that day remains in the Fed interest rate decision and Chairman Jerome Powell’s press conference. The US events are expected to spike the volatility around the US Dollar, impacting the currency pair.
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