(DAILY NOTION) GBP/USD Under Pressure Ahead of NFP, Next Mover: December U.S. NFP Data Release

Illustration photo of GBP/USD daily chart from Tradingview

GBP/USD is currently trading around 1.3570,  which is slightly lower than this week’s high of 1.3702. 

This week, investors will be focus on the England lockdowns as well as the recently-signed Brexit agreement. The lockdowns put the country in the defensive mode, lead to more government spending and many companies will struggle, continue to layoff employees while the Brexit deal is beneficial to the currency pair.

Investors will be focus on the U.S. NFP data that will release later today. If the number of data is positive, which is unlikely, GBP/USD will possibly fall. However, if they disappoint, it will likely drop because it will incentivize congress to provide a bigger stimulus. 

It is possible to gain additional momentum in the short-term in case the right catalysts emerge as the RSI indicator currently at the moderate territory. As reported by Vladimir Zernov, He pointed out that GBP/USD will move towards the next support level at 1.3500 if manage to test the support level at 1.3540.

Besides that, on the upside, he pointed out that GBP/USD will move towards the resistance level at 1.3625 if manage to get above the level at 1.3575. GBP/USD will then move to the next resistance level at 1.3665 if it gets above the 1.3625 level.

FOLLOWME GBP/USD Overall Sentiment (As of 04:10 p.m., Jan 08, 2021),

Short - 52.33%

Long - 47.67%

For information please refer to Vladimir Zernov.