GBP/USD stumbles from 1.2000 on risk-off impulse and safety flows – by christianborjon GBPUSD Majors Macroeconomics Technical Analysis
A dismal mood weighs on the British pound due to ECB’s hiking rates and US President Joe Biden testing positive for Covid-19.GBP/USD stays in positive territory, though downward pressured, once the
Before Wall Street opened, the US Department of Labour reported that Initial Jobless Claims for the week ending on July 16 rose 251K, higher than the 240K estimated, hitting a fresh 8-month high. At the same time, thein June declined for the second consecutive month to -24.8 from -12.4. The report said that “on balance, the firms continued to report increases in employment, but the employment index declined 9 points to 19.4, its lowest reading since May 2021.
Therefore, the GBP/USD first support would be the 1.1900 mark. Break below will expose the July 18 daily low at 1.1862, followed by the figure at 1.1800 and the YTD low at 1.1760. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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