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The GBP/USD pair plunges as the DXY's growth boosts the USD. It was trading at 1.2507 at the time of writing. Technically, the price ended its rebound and now it looks very heavy. The Dollar Index has found support and now it tries to come back higher. DXY's strong rally should force the greenback to dominate the currency market.
Today, the UK banks will be closed in observance of the Platinum Jubilee Bank Holiday. Fundamentally, the US economic data brought high volatility and sharp movements earlier. The NFP came in better than expected at 390K versus 325K expected, the Average Hourly Earnings rose by 0.3% compared to 0.4% forecasts, while the Unemployment Rate came in at 3.6% versus 3.5% expected. Furthermore, the ISM Services PMI and the Final Services PMI reported worse than expected data.
The GBP/USD pair rebounded after its last sell-off in the short term. It has retested the weekly pivot point of 1.2590 and now it seems strongly bearish. Technically, as long as it stays under the downtrend line, the price is vulnerable to dropping deeper.
1.2498 stands as the immediate downside obstacle. As you can see, the rate failed to stabilize blow this support in the last attempt. A valid breakdown followed by a new lower low could signal more declines.
A new lower low, dropping and closing below the 1.2458 could activate a larger downside movement and could bring new short opportunities.
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