FxWirePro: GBP/USD rises as weak U.S. jobs data pressures dollar

• GBP/USD rose on Friday after as a weaker-than-expected U.S. jobs report weighed on   dollar.

• The U.S. economy unexpectedly lost jobs in July, while sharp downward revisions to the previous two months' payrolls clouded the outlook for a Federal Reserve rate hike next month

•Nonfarm payrolls decreased by 23,000 jobs in July, according to the Labor Department's Bureau of Labor Statistics, sharply missing economists' expectations for an 80,000 increase.

• The Labor Department's closely watched report also showed the unemployment rate fell to 4.1% in July from 4.2% in June, largely as 264,000 people exited the labour force, pushing the participation rate to a near 5-1/2-year low of 61.4%..

• Markets are now pricing in a nearly 56% chance that the Fed will hold rates in September, up from 45% a day earlier, according to the CME's FedWatch tool..

•   Immediate resistance is located at 1.3515( 38.2%fib), any close above will push the pair towards 1.3556(Higher BB)

•  Strong support is seen at 1.3412(SMA 20) and break below could take the pair towards 1.3394(38.2%fib).

  Recommendation: Good to buy  around 1.3480 , with stop loss of 1.3430 and target price of 1.3550