#GBPUSD @ 1.19271 has turned sideways above 1.1900 ahead of US NFP and UK manufacturing data. (Pivot Orderbook analysis)

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• GBP/USD has turned sideways above 1.1900 ahead of US NFP and UK manufacturing data.
• The 10-year US Treasury yields have dropped firmly to near 3.83% amid mixed responses on the US labor market.
• The Cable has met with the horizontal resistance plotted from 1.1915.

The pair currently trades last at 1.19271.

The previous day high was 1.1939 while the previous day low was 1.1832. The daily 38.2% Fib levels comes at 1.1898, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1873, expected to provide support.

The GBP/USD pair is displaying a back-and-forth action in a narrow range of 1.1904-1.1940 continuously from the late New York session. The Cable has turned sideways as investors are awaiting the release of the United States Nonfarm Payrolls (NFP) and the United Kingdom’s manufacturing data for fresh impetus.

The US Dollar Index (DXY) is facing heat in extending its recovery above 105.35 as mixed responses from US labor market-linked indicators have confused investors about the strength of the labor market. A significant jump in Initial Jobless Claims data released on Thursday, and a four-fold planned lay-off, as reported by Reuters, indicates signs of deceleration in the employment status, which has improved demand for US Treasury bonds. The 10-year US Treasury yields have dropped firmly to near 3.83%.

Stretched recovery in the GBP/USD pair has met with the horizontal resistance plotted from February 17 low at 1.1915 on an hourly scale. The Cable is demonstrating an inventory adjustment phase, which could be a transfer of inventory from institutional investors to retail participants.

The 20-period Exponential Moving Average (EMA) at 1.1910 is providing cushion to the Pound Sterling.

Meanwhile, the Relative Strength Index (RSI) (14) has slipped to near 60.00 but has not surrendered the bullish range yet.

Should the Cable break below the round-level support of 1.1900, US Dollar bulls will drag the asset further toward March 08 high at 1.1860 followed by November 17 low at 1.17633.

On the flip side, a move above February 24 high at 1.2040 will drive the asset toward February 23 high around 1.2080. A breach of the latter will expose the asset to February 21 high around 1.2140.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1928 at the time of writing. Pair opened at 1.1919 and is trading with a change of 0.08 % .

The pair is trading below its 20 Daily moving average @ 1.2015, below its 50 Daily moving average @ 1.213 , below its 100 Daily moving average @ 1.201 and above its 200 Daily moving average @ 1.1903

The previous day high was 1.1939 while the previous day low was 1.1832. The daily 38.2% Fib levels comes at 1.1898, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1873, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1854, 1.179, 1.1747
• Pivot resistance is noted at 1.1961, 1.2003, 1.2068

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