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GBP/USD Forecast: Stuck in a channel ahead of payrolls report

GBPUSD

The GBP/USD pair once again ran into offers as it moved closer to 1.52 levels, but managed to halt the ten day losing streak. Sterling ended largely unchanged at 1.5130 levels after the US Markit and ISM manufacturing PMIs report highlighted the slowdown in the activity. However, the drop in the UK manufacturing PMI report and the increasing probability of a delay in the BOE rate hike bets ensured the Sterling bulls had little room to make a comeback.

UK construction PMI – A non-event

The index is expected to tick higher to 57.5 in September of 57.3. A better-than-expected UK construction PMI report may offer a little respite to the GBP/USD pair pushing it closer to 1.52 levels ahead of the payrolls report. However, the spot could once again stall around 1.52. On the other hand, a weaker-than-expected construction PMI may push the pair below 1.51 levels and make Sterling even more vulnerable heading into the payrolls report as discussed here (Macro Scan)

Technicals – Falling channel on intraday charts

At 1.5140, the GBP/USD pair remains stuck in the falling channel on the intraday charts ahead of the US non-farm payrolls report due for release later today. The channel resistance is seen at 1.5175, while he support is seen at 1.5095. An hourly close above 1.5175 could open doors for 1.5213 and 1.5248 (50% of Apr-Jun rally). On the other side, an hourly close below 1.5095 could push the pair down to 1.5030 levels.

EUR/USD Analysis: Focus on US nonfarm payrolls figure

The EUR/USD pair currently trades around 1.1180 levels, after the bounce from the 200-DMA on Thursday failed to take out 1.12 levels. The European economic calendar is largely empty, thus, the investors are likely to refrain from making big bets ahead of the payrolls report.

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