Non-farm payrolls came out below expectations but still showed a jobs growth in the recent month. Despite this slowdown the unemployment rate edged down to 4.9%. The other important data like average earnings also came in ahead of expectations at 0.5%. The report was not taken by the market with caution. I expect that the next week currency moves will continue the previous week's sideway consolidation. With the absence of any important announcements until wednesday, the currencies will move in short ranges. GBP might correct downwards on Wednesday after manufacturing production figures are published. GBP has bounced off the lows last week with the support of some positive economic data, even though it was not straightforward.
For the trading strategy on GBPUSD I forecast a slow pullback to 1.435 to the lower channel line which coincides with the 50% fibo off the lows. A decision point after the fundamentals announcement on Wednesday should occur. The pair can either fly or breakdown the channel after the announcement. .
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