After a quiet Asian trading session, GBP/USD regained momentum and reached its highest level in 7 weeks at 1.2400 on Monday. The currency pair has transitioned into an overbought state from a technical standpoint, but buyers may still be interested in the possibility of 1.2400 remaining as support.
The US unemployment rate rose to 3.9% in October from 3.8% in September, with non-farm payrolls increasing by 150,000, which was lower than expectations. The US dollar (USD) continued to weaken against its major counterparts following the October employment report, and GBP/USD saw an impressive increase before the end of the week.
The US unemployment rate rose to 3.9% in October from 3.8% in September, with non-farm payrolls increasing by 150,000, which was lower than expectations. The US dollar (USD) continued to weaken against its major counterparts following the October employment report, and GBP/USD saw an impressive increase before the end of the week.
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