Pound Sterling establishes foothold above 1.2600 prior to Nonfarm Payrolls GBPUSD Technical Analysis Fundamental Analysis
, and early local election results to climb to fresh year-to-date highs. The US Dollar retreats, meanwhile, on renewed banking crisis fears as more regional lenders flag concerns.
Next Thursday’s Bank of England monetary policy meeting, therefore, could be a key driver as it will reveal the BoE’s intent regarding future policy trajectory. If it is particularly hawkish it will highlight this divergence with the Fed and result in increased flows to Pound Sterling. is seen by some as a factor aiding the Pound Sterling as it could be indicative of a change of government at the next general election.
A below-expectations result would hurt the US Dollar and see GBP/USD rally higher – a higher-than-expected result would see the US Dollar rally and the Cable decline.GBP/USD has pushed to new year-to-date highs above 1.2600 overnight, extending the established uptrend that began at the September 2022 lows. The overall trend remains bullish favoring Pound Sterling longs over shorts. It is still difficult to determine whether the recent break above the 1.
A relatively high NFP figure means more people are in employment, earning more money and therefore probably spending more. A relatively low Nonfarm Payrolls’ result, on the either hand, could mean people are struggling to find work.
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