U.S Nonfarm Payrolls could be an opportunity to buy GBPUSD on dips !

The US Non-farm Payrolls measures the change in the number of people employed during the previous month, excluding the farming industry. Job creation is the foremost indicator of consumer spending, which accounts for the majority of economic activity, Released monthly, usually on the first Friday after the month ends. Last month was 217 K , this month is expected to make a small decline to 212 K . It will be published today at 12:30 GMT .

How the US Non-farm Payrolls would affect the GBPUSD today !!!

Before we continue let’s highlight technical view on the pair :

On the daily chart  :  as long as support holds 1.7114 holds on a daily closing basis , outlook in GBPUSD remains on the upside towards the 1.7235 levels ahead of the 1.7320 levels. Below 1.7114 will turn outlook neutral for 1.7051/1.7007 levels before the next rise……

Conclusion : daily time frame is bullish…

On the weekly chart : as long as support 1.6691 holds on a weekly closing basis , outlook in GBPUSD remains very bullish with risk towards the 1.7075/1.7175 levels , below 1.6691 will turn outlook neutral for retesting 1.6991/1.6737 levels before the next possible rise ..

Conclusion : weekly time frame is also  bullish…so any decline today by U.S Nonfarm Payrolls , would be an opportunity to buy the pair on dips..

Let’s highlight support and resistance on daily time frame :

1.6951 , 1.7007 ( main) , 1.7114 , 1.7165 , 1.7235 , 1.7320

How the US Non-farm Payrolls would affect the GBPUSD today:

  • A reading between 175 K – 225 K will bring a sideways move within 1.7114/1.7165 range.
  • A reading between 225 K – 275 K will bring a decline towards the  1.7007 levels , this levels is likely to hold…buy on dips.
  • A reading above 275 K ( unexpected ) will bring strong bearish move to the 1.7007 levels , a breach is likely If seen next support would be 1.6951/1.6917 levels. (buy on dips)..
  • A reading  between 175-125 K will bring strong bullish move towards the 1.7235 levels…
  • A reading below 125 K (unexpected ) , will push the pair towards the 1.7300 levels………

 

You may follow this event live here : US Nonfarm Payrolls

 

Live Chart of GBPUSD



MARKET DATA

UPCOMING ECONOMIC EVENTS

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