- Libra poised to post the second consecutive weekly decline, retreating further from multi-year highs.
- The US dollar corrects lower during the US session, probably in the midst of profit taking.
The pair GBP/USD It is around 1.3820 / 30, down 75 pips on the day, but far from the lows. Earlier on Friday after the US NFP report it bottomed at 1.3777, the lowest level since February 12. The dollar lost momentum during the US session and corrected lower.
The employment report showed that the US economy added 379,000 jobs in February, a number significantly higher than expectations. The unemployment rate dropped from 6.3% to 6.2%. The US dollar peaked after the report with the DXY hitting the highest level since November at 92.18 and then back to 91.85.
The ongoing correction of the US dollar also takes place as US yields move from highs. On Wall Street, stock prices are showing mixed results. The post-open rally lost steam and also kept the dollar’s decline limited.
On a weekly basis, GBP / USD is about to register the second consecutive decline. In late February it traded above 1.4200 before retreating lower. The pair is now in correction mode. The next strong support could be seen around 1.3700 / 1.3750. On the upside, a firm recovery above 1.4000 would ease the downward pressure.
Technical levels
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