GBP/USD fades US jobs report-led bullish spike to mid-1.3800s

   •  Softer wage growth/unemployment rate offsets stellar headline NFP print.
   •  Barring initial reaction, the USD sticks to daily gains. 

The GBP/USD pair built on its early modest gains and jumped to fresh session tops in the immediate reaction to the mixed US monthly jobs details. 

The pair caught some fresh bids following a disappointment from the US wages growth data, coming in to show m-o-m rise of 0.1%. This coupled with an uptick in the unemployment rate largely offset stellar headline NFP print, showing an addition of 313K new jobs during February. 

The data prompted some US Dollar weakness and lifted the pair to an intraday high level of 1.3848. The uptick, however, was sold into and the pair quickly retreated around 20-30-pips from session tops to move back to its European session consolidation phase. 

It would now be interesting to see if the pair is able to regain some positive traction or resumes with its overnight sharp rejection slide from the 1.3910-20 supply zone.

Technical levels to watch

Yohay Elam, Analyst at FXStreet writes: “Support awaits at $1.3770, the low point on February 9th. The next cushion is at $1.3710, the trough on March 1st.”

“Looking up, the $1.3935 level mentioned before is a strong line of resistance, and it is followed by the round number of $.14000”, he further added.