GBP/USD Advances Towards 1.2800 Amid Weak US Economic Data
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On Thursday, the GBP/USD pair advanced towards the 1.2800 mark. Renewed selling pressure on the US Dollar (USD) propelled GBP/USD higher as markets reacted to disappointing macroeconomic data releases.
The ADP's monthly report indicated that payrolls in the private sector increased by 150,000 in June, falling short of the market expectation of 160,000. Additionally, the Department of Labor reported 238,000 first-time applications for unemployment benefits for the week ending June 29, up from 233,000 in the previous week.
Moreover, the ISM Services PMI fell to 48.8 in June from 53.8 in May, signaling a contraction in the service sector's business activity. The survey details revealed that the Employment Index and the Prices Paid Index declined to 46.1 and 56.3, respectively.
From a technical perspective, we anticipate a potential reversal in the supply area where we have set a pending order. Our seasonality analysis also suggests that GBP/USD typically begins a bearish trend during this period of the year, lasting until October. Therefore, we are looking for a bearish setup.
✅ Please share your thoughts about GBP/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
The ADP's monthly report indicated that payrolls in the private sector increased by 150,000 in June, falling short of the market expectation of 160,000. Additionally, the Department of Labor reported 238,000 first-time applications for unemployment benefits for the week ending June 29, up from 233,000 in the previous week.
Moreover, the ISM Services PMI fell to 48.8 in June from 53.8 in May, signaling a contraction in the service sector's business activity. The survey details revealed that the Employment Index and the Prices Paid Index declined to 46.1 and 56.3, respectively.
From a technical perspective, we anticipate a potential reversal in the supply area where we have set a pending order. Our seasonality analysis also suggests that GBP/USD typically begins a bearish trend during this period of the year, lasting until October. Therefore, we are looking for a bearish setup.
✅ Please share your thoughts about GBP/USD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
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