FxWirePro: GBP/USD retreats slightly but trend is still bullish

 GBP/USD  pared some early gains  on Wednesday after data showed the U.S. economy created far more jobs than expected in January.

• Labor Department data showed 130,000 workers were added to nonfarm payrolls in January, well above forecasts for a rise of 70,000, while both November and December were revised down a touch.

• The unemployment rate ticked lower to 4.3% from 4.4% in December, below forecasts for a reading of 4.4%.

• Market expectations for a Fed cut of at least 25 basis points at the central bank's March meeting had risen to about 20% before the jobs data, and were back to a roughly 6% after the report, according to CME's FedWatch Tool.

•Looking ahead he focus will be on Thursday's British GDP data for both January and the fourth quarter of 2025..

•   Immediate resistance is located at 1.3716(38.2%fib), any close above will push the pair towards 1.3810(Jan 30th high)

•  Strong support is seen at 1.3610(SMA20) and break below could take the pair towards 1.3581(50%  fib).

  Recommendation: Good to buy  around 1.3640 with stop loss of 1.3560 and target price of 1.3730