GBP / USD remains stable above 1.3100 before employment report

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  • GBP / USD falls modestly on Friday, unable to break above 1.3150.
  • Ahead: US employment report and follow the count.

The GBP / USD is trading since the start of Friday around 1.3130, showing no significant changes, validating weekly gains. The price continues to be supported by the weakness of the dollar, as a key factor.

The pair is still unable to break the strong barrier of 1.3150, which if left behind would point to more gains in the short term. Whereas if you continue with problems here, you would increase the chances of a setback.

Presidential elections cover almost everything

The US elections remain the key issue, where the winner is yet to be defined. Among what is known is that the Senate aims to remain in the hands of the Republicans and the House of Representatives with a smaller Democratic majority. The uncertainty could continue until December about the winner of the presidential elections. Joe Biden is very close to securing 270 voters.

Regarding economic data, in minutes the employment report for October will be published in the US. On Thursday it was the turn of the Bank of England and the Federal Reserve. The British central bank increased the buying program and the Fed did not introduce changes, but both did not have a great impact on the market.

The dollar continues to be the main driver. The US elections have taken a back seat these days to the Brexit negotiations and the announcements of more restrictions on movement in Europe to cope with the increase in coronavirus infections.

Credits: Forex Street

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