GBPUSD 12-03-2018 Intra-day analysis

Daily Forex Market Preview, 12/03/2018

Friday’s nonfarm payrolls showed a solid pace of job creation with the U.S. economy seen adding 313k jobs which beat estimates by a strong margin. However, the U.S. unemployment rate was unchanged at 4.1% which missed estimates of a decline to 4.0%. Although the jobs report was solid, the slow pace of wage creation saw average earnings rising just 0.1% on the month.

The U.S. dollar was seen weakening into Friday’s close as a result. Elsewhere, Canada’s jobs report showed that the unemployment rate fell from 5.9% to 5.8% while the economy was seen adding 15.4k jobs which were below estimates of a 21.3k job growth that was estimated.

Looking ahead, the economic calendar today is light with no major releases expected. The currency markets are expected to follow through from Friday’s price action.

 

GBPUSD 12-03-2018 Intra-day analysis

GBPUSD (1.3856): The British pound was seen closing with gains on Friday but price action was seen trading below the 1.3902 level which is acting as support. Failure to breakout above this level on the daily basis could keep GBPUSD biased to the downside. The retest of support level near 1.3611 – 1.3590 is expected but this could change in the event of a close above 1.3902 which could see GBPUSD pushing higher to test 1.4060 level.