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Forex pairs in this Article » GBP/USD (Córdoba) - After a quick drop in the wake of disappointing UK industrial output data, the GBP/USD managed to find support and stabilized near session lows heading into the US nonfarm payrolls.

GBP/USD steadies at daily lows ahead of NFP

The GBP/USD bottomed out at 1.6402 but the 21-day SMA helped to contain the fall, leaving the pair in a narrow range heading into the key event of the week, the US employment report. Forecast calls for a 196K gain in December from 203K the previous month. At time of writing, the Cable is trading at the 1.6415 zone, still 0.4% below its opening price.

GBP/USD technical perspective

From a technical perspective, Stoyan Mihaylov, analyst at noted that having broken below 1.6430, the outlook here remains negative for a slide to 1.6336 low and 1.6240 major hurdle. "Initial resistance on the upside is projected at 1.6498".
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