Cable is holding narrow range on Friday, awaiting US NFP report. Thursday’s rally on weaker dollar moved the pair away from 1.2900 zone, where daily cloud top offered support and contained recent pullback from 1.3029 peak.
Bullish technical studies favor further upside, however, US jobs data are seen as key driver on Friday.
Scenario of lower than expected US jobs numbers in June would boost sterling for fresh probes above 1.3000 barrier, with break above recent tops at 1.3029/47 to open next key resistance at 1.3109 (Fibo 38.2% of larger 1.5016/1.1930 descend.
Conversely, upbeat NFP release could depress pound for renewed attack at pivotal 1.2904/1.2893 supports (daily cloud top / 05 July correction low), violation of which would trigger deeper pullback and expose next supports at 1.2873 (55SMA) and 1.2837 (30SMA).
Res: 1.2983, 1.3000, 1.3029, 1.3047
Sup: 1.2948, 1.2904, 1.2893, 1.2873
