#GBPUSD @ 1.20193 adds to its intraday gains and spikes closer to the weekly high in the last hour. (Pivot Orderbook analysis)

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• GBP/USD adds to its intraday gains and spikes closer to the weekly high in the last hour.
• The upbeat UK GDP print continues to underpin the GBP and extend support to the pair.
• The mixed US NFP report weighs heavily on the USD and provides an additional boost.

The pair currently trades last at 1.20193.

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 catches fresh bids during the early North American session and jumps to the 1.2035-1.2040 area, back closer to the weekly top in reaction to the mixed US monthly jobs data.

The headline NFP showed that the US economy added 311K new jobs in February, beating consensus estimates for a reading of 205K by a big margin. This, however, marks a sharp slowdown from the previous month’s downwardly revised reading of 504K. Adding to this, the unemployment rate unexpectedly rose to 3.6% from 3.4% and wages also fell short of market estimates, rising by 0.2% for the month and a 4.6% YoY rate.

The data further points to a softening US labor market and forces investors to scale back their bets for a jumbo 50 bps rate hike at the upcoming FOMC meeting on March 21-21, which is evident from a further decline in the US Treasury bond yields. Apart from this, a goodish recovery in the US equity futures weighs heavily on the safe-haven US Dollar, which, in turn, assists the GBP/USD pair to build on its strong intraday gains.

The British Pound, on the other hand, continues to draw support from the better-than-expected UK monthly GDP print, which showed that the economy expanded by 0.3% in January. This indicates a resilient British economy, which could allow the Bank of England (BoE) to hike interest rates again later this month. This is seen as another factor providing a boost to the GBP/USD pair and supporting prospects for additional gains.

Technical Levels: Supports and Resistances

GBPUSD currently trading at 1.1994 at the time of writing. Pair opened at 1.1919 and is trading with a change of 0.63 % .

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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