FxWirePro: GBP/USD sustains gains as uptrend remains strong

• GBP/USD stayed near its previous levels on Thursday as the dollar lagged, with renewed concerns about U.S. economic growth boosting expectations of a significant rate cut by the Fed this month.

•The latest trigger for investor anxiety was data showing U.S. private employers added the fewest workers in 3.5 years in August, signaling a significant slowdown in the labor market.

•  Focus shifted to the upcoming non-farm payrolls (NFP) report, which is anticipated to reveal that the U.S. economy added 160,000 jobs in August, up from July’s 114,000 increase.

•At GMT 16:12, the pair was trading up 0.22 percent  at 1.3163 after reaching daily high at 1.3187.

•   Immediate resistance is located at 1.3176( 38.2%fib), any close above will push the pair towards 1.3228( Aug 29th high)

•  Strong support is seen at 1.3084(50%fib) and break below could take the pair towards 1.3000(Psychological level).

  Recommendation: Good to buy around 1.3140, with stop loss of 1.3060 and target price of 1.3200.