While news about the GBP remained neutral with a negative hint, the US job report exceeded all expectations. As a result, we can see a strong bullish trend for the USD and inert GBP.

Fundamental arguments

A “better-than-expected” and strong unemployment statistics in the US form a trend for strengthening the USD. The neutral data for the GBP form a downtrend for the GBPUSD pair.

Picture 1. The daily chart of the GBPUSD for 08.09.2021.

Technical arguments

A technical ensemble of the MACD (12, 26, 9) indicator confirms fundamental arguments. It shows a clear DOWN signal as well as a continuation of the trend after bouncing off the top channel line.

Forecast

According to our predictions, the GBPUSD will remain in DOWNTREND. Support levels remain at: 1.37595 and 1.36343.