#GBPUSD @ 1.19214 seesaws within a choppy range after two-day rebound from the lowest levels since late November 2022. (Pivot Orderbook analysis)

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• GBP/USD seesaws within a choppy range after two-day rebound from the lowest levels since late November 2022.
• Hopes of no recession in the UK, upbeat efforts to lure more stock market listings help Cable buyer.
• Mixed US data, pullback in yields weigh on US Dollar ahead of the key US jobs report.
• UK’s monthly GDP for January will be crucial to watch amid economic slowdown chatters but US NFP is the key.

The pair currently trades last at 1.19214.

The previous day high was 1.186 while the previous day low was 1.1803. The daily 38.2% Fib levels comes at 1.1838, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1824, expected to provide support.

GBP/USD makes rounds to 1.1930-20 during early Friday morning in Asia as bulls take a breather after the biggest daily jump in more than a week ahead of the key statistics from the UK and the US.

That said, the risk-off mood failed to extend the US Dollar’s run-up on Thursday amid US data, which in turn joined a retreat in the key US Treasury bond yields to weigh on the greenback. While portraying the mood, Wall Street benchmarks closed with more than 1.5% daily losses each but the US 10-year and two-year Treasury bond yields eased to 3.92% and 4.87% versus 5.08% and 4.01% daily open respectively. It should be noted that the US Dollar Index (DXY) managed to pare some of the daily losses by the end of Thursday but failed to ignore the biggest daily fall in a week.

At home, hopes of economic recovery and more stock market listings seem to help the Cable pair amid a light calendar during the week.

“The country’s economy is on track to shrink less than expected this year and avoid the two quarters of negative growth which mark a technical recession,” the British Chambers of Commerce (BCC) forecast on Wednesday per Reuters.

Britain’s finance ministry said on Wednesday it will launch a review into how investor research on companies could be improved to attract more listings, a step that follows a decision by UK chip designer Arm Ltd to only list in New York, reported Reuters.

On the same line, Britain’s revamped financial market rules will largely be aligned with U.S. and European Union regulations to minimise disruption to global companies, its financial services minister Andrew Griffith said on Thursday per Reuters.

It’s worth observing, however, that BoE policy maker Swati Dhingra warned against interest rate hikes on Wednesday while saying that overtightening poses a more material risk at this point. On the contrary, Fed Chairman Jerome Powell keeps his hawkish bias intact.

GBP/USD managed to regain its place above the 200-DMA level of 1.1900, after a two-day absence, which in turn keeps buyers hopeful.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.192 at the time of writing. Pair opened at 1.1849 and is trading with a change of 0.6 % .

The pair is trading below its 20 Daily moving average @ 1.2025, below its 50 Daily moving average @ 1.2133 , below its 100 Daily moving average @ 1.2003 and above its 200 Daily moving average @ 1.1906

The previous day high was 1.186 while the previous day low was 1.1803. The daily 38.2% Fib levels comes at 1.1838, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1824, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1814, 1.178, 1.1758
• Pivot resistance is noted at 1.1871, 1.1894, 1.1928

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