GBP/USD bulls struggle to defend 1.30 mark, focus remains on NFP

Haresh Menghani FXStreet

• Corbyn’s not so optimistic comments exert some fresh pressure on the GBP.
• A follow-through USD uptick adds to the selling bias ahead of US jobs report.

The selling pressure around the GBP/USD pair picked up the pace in the last hour, with bears now eyeing a follow-through weakness below the key 1.30 psychological mark.

The pair failed to capitalize on the early uptick to an intraday high level of 1.3044 and drifted into negative territory for the second consecutive session following not so optimistic comments by Labour leader Jeremy Corbyn that if there is no agreement with the government, Brexit will return to the Parliament.

The comments just reaffirmed the notion that there hasn't been a Brexit breakthrough and that the European Parliament elections will take place in the UK. Meanwhile, a government spokesman said that serious discussion with Labour party will keep moving forward, albeit did little to lend any support to the British Pound.

The pair was further pressurized by a follow-through US Dollar uptick, which remains supported by not so dovish FOMC statement and a mildly positive tone around the US Treasury bond yields ahead of today's key data risk - the closely watched US monthly jobs report, popularly known as NFP.

Technical levels to watch

From current levels, immediate support is pegged near the very important 200-day SMA, around the 1.2960 region, below which the pair might turn vulnerable to accelerate the slide further towards challenging the 1.2900 round figure mark. On the flip side, the 1.3045-50 region now seems to have emerged as an immediate resistance, which if cleared might assist the pair to make a fresh attempt towards conquering the 1.3100 handle.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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