GBP/USD approaches 1.5700 ahead of NFP

FXStreet (Córdoba) - GBP/USD rose above 1.5680 and printed a fresh high at 1.5691. The pair remains near daily highs with a bullish tone as the pound rises across the board. Earlier cable dropped to 1.5622, 2-day low but then bounced to the upside, erasing losses.

Will NFP break GBP/USD range?

Since the beginning of the month the pair has been moving sideways around 1.5670. The upside remained limited above 1.5700 while the downside was capped above 1.5600. Despite Osborne presentation and economic data from the United Kingdom, cable remained within the range.

Today’s US non-farm payroll report could increase volatility in the currency market and send GBP/USD to test the limits of the current trading range.