Instrument: GBPUSD
Technical Analysis
Bullish Preference:
A buy position is envisaged if the price trades above 1.26030 with take profit at 1.26185.
Bearish Preference:
A sell position is envisaged if the price trades below price 1.25743 with take profit at 1.25571.
Fundamentals:
1:30pm
USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
Comment:
The data published by the US Bureau of Labor Statistics (BLS) revealed on Friday that Nonfarm Payrolls rose by 253,000 in April. This reading came in better than the market expectation for an increase of 179,000. On a negative note, March’s reading of 236,000 got revised lower to 165,000. Further details of the report revealed that the Unemployment Rate edged lower to 3.4% from 3.5 and the annual wage inflation, as measured by the Average Hourly Earnings, rose to 4.4% from 4.3%. Finally, the Labor Force Participation Rate remained unchanged at 62.6%, compared to the market expectation of 62.5%.
Analysis: SCRUM Team
