GBPUSD 5th MARCH 2023

5 mar 2023

GBPUSD projection for the week ahead. Technically shows a sideways trend, possible price rebound/pullback and breakout is marked with blue and gray arrows. This week, the influence of NFP on the USD exchange rate can be considerable as the strength of the United States economy can influence the US central bank's (Federal Reserve) decisions on monetary policy, which in turn can affect the USD exchange rate. Therefore, Forex traders often monitor the NFP release and use it as a reference in making trading decisions. If the NFP shows a significant increase in the number of jobs, then this can be considered a sign of strong economic growth and may trigger a rise in the USD price. If the NFP shows a higher-than-expected decline in the number of jobs, then this could be considered a sign of weakening economic growth and could trigger a fall in the price of the USD.