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GBP/USD edges higher near 1.3455 ahead of US ADP and ISM data

The pair is trading with modest gains as US JOLTS job openings fell to 7.359 million in June, below expectations, ahead of the next batch of labor data.

Reported · Written up by our desk · Major Pairs

GBP/USD was modestly higher in early European trade around 1.3455, supported by softer US economic data and cooling US-Iran tensions, according to FXStreet.

Traders are focused on upcoming US releases, including ADP Employment and the ISM Services PMI, which are due on Wednesday, after JOLTS Job Openings declined to 7.359 million in June from 7.537 million in May. FXStreet notes that the June figure came in below the market expectation of 7.4 million and could influence views on the US labor market and the interest rate outlook.

The same data calendar could affect the near-term direction of the Greenback, with economists expecting Nonfarm Payrolls to rise by 80,000 in July and the unemployment rate to remain at 4.2%. FXStreet also points to the latest Bank of England decision, where the BoE voted 6-3 to hold rates steady at 3.75% last week.

FXStreet adds that analysts at UOB Group see the Pound’s action as range-bound, with GBP expected to trade between 1.3425 and 1.3470, while technicals show the pair holding a modest bullish bias above the 100-day moving average.

Latest closeGBP/USD 1.345 ▼0.3%

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