FxWirePro: GBP/USD rebounds strongly as payroll data misses expectations

• GBP/USD rebounded strongly on Friday  as dollar fell broadly after data showed US employers added fewer jobs in July than economists had expected, while the unemployment rate moved higher in line with expectations.

• U.S. job growth slowed far more than expected in July, with June’s figures also revised sharply lower, suggesting that the labor market may be losing momentum.

• U.S. nonfarm payrolls rose by 73,000 in July. The figure came in well below expectations, as economists surveyed  had forecast an increase of 110,000 jobs for the month.

• The U.S. unemployment rate rose to 4.2% in July, up from 4.1% in June, according to data released by the Labor Department. This marks the highest level since late 2021 and adds to signs that the labor market may be starting to cool.

• At 13:11 GMT, the pound was trading at 1.3296 up 0.69  % against the dollar.

•   Immediate resistance is located at 1.3304 (     Daily high), any close above will push the pair towards 1.3393 (38.2%fib)

•  Strong support is seen at 1.3148(61.8%fib) and break below could take the pair towards 1.3000(Psychological level).

  Recommendation: Good to buy around 1.3280 with stop loss of 1.3200  and target price of 1.3360