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Forex pairs in this Article » GBP/USD (Athens) – The GBP/USD has been trading constantly lower since the kick off of the Asian trading session, due both to the very light calendar data pertaining to Asia but mostly due to the release of US NFP data even after a 18-day delay.

GBP/USD sits on the fence ahead of the US NFP data

The GBP/USD is trading at a tight range in late Asian trading session but mostly slightly downwards. Market participants all over the globe are hungry indeed for the US labor data as it is considered one of the most respectable US guidelines on whether Fed will start winding down its asset purchases program. All in all, since the NFP estimation is around 180K it is plausible that a solid beat of consensus, above 200k will probably boost the greenback as the market participants might consider that the notorious “tapering” will be ‘sooner’ than ‘later’. On the other hand, a weak report might probably undermine further the American dollar, lift the stocks and be fairly positive for the bonds market, as it will reaffirm that Fed tapering is not an issue to happen in 2013.

Technical Aspects on the GBP/USD

Emmanuel Ng of OCBC Bank suggests that “we continue to remain neutral on the GBP-USD in the near
term and this week, look towards BOE MPC minutes on Wednesday and 3Q GDP numbers on Friday for domestic cues. In the interim expect the pair to be repelled by 1.6200 on the topside while risks may be for a further consolidation towards 1.6100 in the near term.”
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