GBP/USD Forecast: Pound Sterling buyers regain control ahead of US data
GBP/USD holds its ground and trades in positive territory above 1.3150 after closing higher on Wednesday. Investors await August ADP Employment Change data from the US.
The renewed US Dollar (USD) weakness helped GBP/USD gain traction during the American trading hours on Wednesday. The US Bureau of Labor Statistics reported that JOLTS Job Openings declined to 7.67 million in July from 7.9 million in June. As this reading missed the market expectation of 8.1 million by a wide margin, the immediate reaction caused the USD to weaken against its rivals. Read more...
GBP/USD Elliott Wave technical analysis [Video]
The GBPUSD daily chart analysis shows that the British Pound to US Dollar currency pair is currently trending in an impulsive manner. The market follows an impulsive wave structure, indicating a strong directional movement consistent with the prevailing trend. The specific structure under analysis is gray wave 1, part of a larger wave sequence.
At this stage, the market is positioned in orange wave 3, which represents a crucial phase in the ongoing wave cycle. After the completion of orange wave 2 of 3, gray wave 1 of 3 has begun. This indicates that the market is progressing through the early stage of this wave, which typically results in significant price movements. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
![Australian Dollar adds gains on RBA's hawkish stance](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/AUDUSD/australian-currency-23690700_XtraSmall.jpg)
Australian Dollar adds gains on RBA's hawkish stance
The AUD/USD pair traded in a tight range on Thursday but tallied daily gains after the USD was seen weak after mixed US data.
![USD/JPY Price Prediction: Downtrend resumes, yet buyers recover 143.00](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/USDJPY/japanese-yens-7972406_XtraSmall.jpg)
USD/JPY Price Prediction: Downtrend resumes, yet buyers recover 143.00
USD/JPY extended its losses for the third consecutive day, hitting a four-week low of 142.85, yet traders lifted the pair, which closed Thursday's session with losses of 0.21%. As Friday’s Asian session begins, the pair trades at 143.39, virtually unchanged.
![Gold price bulls turn cautious near $2,525 hurdle ahead of US NFP report](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stack-of-golden-bars-in-the-bank-vault-60756080_XtraSmall.jpg)
Gold price bulls turn cautious near $2,525 hurdle ahead of US NFP report
Gold price (XAU/USD) climbed closer to the $2,524-2,525 supply zone on Thursday amid some follow-through US Dollar (USD) selling, led by bets for a larger interest rate cut by the Federal Reserve (Fed) later this month.
![Why Ethereum is underperforming Bitcoin, Solana, Nvidia, Meta, Apple and others](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Coins/Ethereum/ethereum_XtraSmall.jpg)
Why Ethereum is underperforming Bitcoin, Solana, Nvidia, Meta, Apple and others
Ethereum (ETH) is down 2% on Thursday following a key analysis showing the top altcoin has underperformed assets, including Bitcoin, Solana, Nvidia, Meta, Apple, Gold and others. CryptoQuant analysts and the F2pool co-founder weigh in on why ETH has underperformed and what investors should expect.
![ADP Employment Change Preview: US private sector expected to add 145K new jobs in August](https://editorial.fxstreet.com/images/Macroeconomics/EconomicIndicator/Employment/employment-51256484_XtraSmall.jpg)
ADP Employment Change Preview: US private sector expected to add 145K new jobs in August
ADP Employment Change is forecast to arrive at 145,000 in August. Labor market conditions could influence the Fed’s policy outlook. The US Dollar stays resilient against its rivals after posting large losses in August.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.