FxWirePro: GBP/USD steady, but downward trend likely to resume

• GBP/USD ticked higher after dropping on Thursday as investors awaited U.S. nonfarm payroll data to gauge the health of US labour market.

•  Economists polled expect the unemployment rate to have remained unchanged at 4.1% last month while projecting the economy added 170,000 jobs.

•Markets currently see about a 43% chance that the Federal Reserve will deliver a quarter-point cut in July, according to the CME FedWatch tool.

• At GMT 12:04, the pair was trading up 0.14% at 1.2449.

• Immediate resistance is located at 1.2537( 50%fib), any close above will push the pair towards 1.2585(Higher BB).

•  Strong support is seen at 1.2437(38.2%fib) and break below could take the pair towards 1.2284(23.6%fib).

  Recommendation: Good to sell  around 1.2460, with stop loss of 1.2550 and target price of 1.2360