• GBP/USD eased slightly on Thursday as investors focused on upcoming U.S. jobs data for clues on the Federal Reserve’s policy direction.
• Market attention now shifts to weekly jobless claims and the ADP employment report due later today, ahead of Friday’s U.S. non-farm payrolls data.
• A U.S. Labor Department report on Wednesday revealed that job openings declined more than expected, falling to 7.181 million in July.
• Meanwhile, several Federal Reserve officials said that ongoing labor market concerns continue to support their view that rate cuts are imminent.
• On the data front, Britain’s construction sector activity slowed for the eighth consecutive month in August, marking its longest downturn since 2020.
• Immediate resistance is located at 1.3484(SMA 20), any close above will push the pair towards 1.3535(38.2%fib)
• Strong support is seen at 1.3366 (Lower BB) and break below could take the pair towards 1.3340(50%fib).
Recommendation: Good to buy around 1.3410 with stop loss of 1.3350 and target price of 1.3480
