FxWirePro:GBP/USD edges lower as market eye upcoming U.S. jobs data

• 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