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GBP/USD holds near 1.3208 as markets await US nonfarm payrolls
The US Dollar Index eased toward 101.9 after a fresh over-a-year high near 102.2, while GBP remained below the 20-period EMA at 1.3333.
FXStreet said the British pound was about 0.1% higher at roughly 1.3208 against the US dollar during the Asian session on Friday. The outlet noted the US Dollar Index was slightly lower near 101.93 after hitting a fresh over-a-year high around 102.20 on Thursday.
FXStreet attributed the dollar’s recent strength to higher US Treasury yields, saying elevated energy prices have helped support more hawkish Federal Reserve expectations. The outlet also pointed to a focus on upcoming US Nonfarm Payrolls data, due at 12:30 GMT.
On the pound side, FXStreet cited comments by Bank of England member Catherine Mann, who acknowledged the central bank made errors in assessing the consequences of an energy supply shock, according to Reuters. The report said her remarks suggested the BoE should have taken action earlier during the Iran war outbreak to help control inflation.
Technically, FXStreet said GBP/USD was holding a bearish near-term bias, staying below the 20-period exponential moving average at 1.3333. The outlet also described the pair as continuing to retreat away from recent levels, despite trading near 1.3208.
Latest closeGBP/USD 1.327 ▲0.1%|Dollar index 101.48 ▲0.1%