FX MARKET REPORT 12.02.2021

Published: Feb. 12, 2021, 9 a.m.

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GBP/USD near multi-day lows, below 1.3800 mark. Break below the 23.6% Fibonacci. might have paved the way for further weakness. Mixed technical indicators warrant caution before placing fresh bearish bets.  Oscillators on the daily chart \\u2013 though have been losing positive traction \\u2013 are yet to confirm the bearish bias. Hence, any subsequent fall is likely to find decent support near the 1.3760-55 resistance breakpoint, which should act as a key pivotal point and help determine the GBP/USD pair\'s near-term trajectory. EUR/USD comes under some pressure near 1.2100. Immediately to the upside comes in a Fibonacci level at 1.2173.The dollar index was up 0.1% at 90.487, but still on track to fall 0.6% this week. USD/JPY was up 0.2% at 104.88, while AUD/USD rose 0.1% to 0.7746. The weekly initial jobless claims data came in weaker-than-expected on Thursday, adding to last week\\u2019s nonfarm payrolls number that suggested that the recovery in the jobs market in the U.S. would be a prolonged affair.

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