The pound sterling was seen posting some modest gains on Monday. However, price action was confined to the range from Friday’s close. GBP fell after the UK’s economy was seen contracting during the second quarter. Economic data today will see the monthly jobs report, which could help to push the currency higher.
Can GBP/USD Recover Off the Lows?
A continuation to the upside will depend on how today’s jobs report will come out. GBPUSD managed to rebound off the lows near 1.2014. However, price is seen struggling near the minor resistance area of 1.2082. A firm breakout above this level will potentially see some upside building up. Alternately, we expect the currency pair to continue its descent lower.
