British Pound finds footing at 1.3420 with markets awaiting US Job Openings data
The British Pound (GBP) edges higher against the US Dollar (USD) on Tuesday, reaching session highs above 1.3440 after finding support at the 1.3420 area earlier on the day.
The British Pound (GBP) gained ground against the US Dollar (USD) on Tuesday, hitting highs above 1.3440 after briefly touching 1.3420 earlier in the day. Market optimism, driven by hopes of an agreement in Iran and a cautious approach ahead of important US labor market releases, has restrained bullish sentiment for the US Dollar.
In Iran, tensions remain high, with conflicting reports about negotiations and threats to strike the US Navy if the blockade persists. The key economic data to watch today is the US JOLTS Job Openings report for June, which will inform the upcoming ADP Employment Change and Nonfarm Payrolls releases. Analysts at Deutsche Bank believe the labor market is still strong, while expecting a mixed report with an increase of 65,000 jobs and an unemployment rate at 4.2%.
The GBP/USD pair is expected to hold above 1.3555, but this will depend on whether the Pound can maintain strong support at 1.3385.
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