The GBP/USD pair suffered a harsh reversal on Friday as it erased some of the gains made last week.
It will be a relatively quiet week for the GBP/USD since there is no major planned economic data from the US and the US. Also, some of the key events that moved the pair recently have already happened.At the same time, the US already published a mixedon Friday. The data showed that the American economy added over 339k jobs in May, higher than expected. At the same time, the unemployment rate jumped to 3.7%.
Still, these numbers, coupled with the elevated inflation figure and the reduced risks in the banking market, meaning that the Fed could be forced to deliver another 0.25% rate hike this month. There wil be no major data that could move the GBP/USD pair this week. The most important figure will be the services and composite PMI report from the US and the UK. While these are crucial numbers, their impact onThe other key numbers to watch will be the UK house price index by Halifax and the UK construction PMI number.
Meanwhile, data by the CFTC showed that speculators were increasing their bullish bet on the pound. The speculative net positions rose to 13.2k last week from the previous 11.6k. These bets have been rising after falling to a low of -79.6k in May last year.The GBP/USD pair retreated sharply after the strong US jobs report number.
As it fell, it moved to the key support level at 1.2447, the highest point on May 30th. As such, it has formed a break and retest pattern. The pair stayed above the 50-period
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