GBP USD giving away its first gains
8/31/2016 10:56:00 AM
The pound is now giving way part of its first gains against the dollar, sending GBP/USD back to sub-1.3100 levels. The pair is posting gains for the first time after fourth successive pullbacks up to now, managing to take back the 1.3100 handle amongst a pause in the ongoing USD-rally. Speculations on a potential rate hike by the Federal Reserve in the next months have been weighing on the risk-associated universe since last Friday, provoking spot to retreat from last week’s tops in the limitations of 1.3300 the figure. Lacking releases in the UK economy, the emphasis of attention will be on the ADP report, with consensus expecting the US private sector to have added 175K jobs during August. As of writing the pair is gaining 0.09% at 1.3095 and a breakout of 1.3210 would open the door to 1.3280 and then 1.3320. On the other hand, the immediate support arrange at 1.3000 followed by 1.2865 and ultimately 1.2850.
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