GBP/USD remains inside the woods around 1.2050 as investors US NFP
The GBP/USD pair has continued its sideways performance around 1.2050 as investors are awaiting the release of the United States Employment data for fresh cues. The Cable asset displayed a wild gyration after the United States Institute of Supply Management (ISM) reported a shrink in the volume of manufacturing activities consecutively for the second time and then continued to auction sideways.
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GBP/USD Forecast: Pound Sterling faces strong resistance at 1.2100
Following Tuesday’s sharp decline, GBP/USD has regained its traction and climbed above 1.2050 early Wednesday, erasing all of the previous day’s losses in the process. In case risk flows continue to dominate the financial markets, the pair could test the key resistance area that seems to have formed at 1.2100.
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