Will The Upcoming US Labor Data Keep The Pressure On The Pound?British Pound/US DollarFX:GBPUSDDatTongFundamental approach: - The Pound was mildly softer this week amid firmer US data impulses and pre-NFP caution, while UK growth signals from Aug PMIs offered only limited support to the Pound. - UK Services PMI accelerated to 53.6 in Aug, the fastest in a year, hinting at resilient activity but with persistent employment softness and sticky price pressures, tempering BoE easing bets only modestly. - On the US side, expectations around ISM prints and Friday’s payrolls supported the US dollar, fostering two‑way but USD‑tilted flows. - Looking ahead, GBPUSD could remain range‑bound but potentially break on US NFP and ISM Services; strong US labor and services data may buoy US dollar, while a downside surprise in data could lift the Pound. Technical approach: - GBPUSD printed an engulfing candle, breaking the range of 1.3400-1.3580 to the downside and closing below both EMAs, indicating a short-term shift to bearish momentum. - If GBPUSD remains below the resistance at 1.3400 and both EMAs, the price may plunge and retest the following support at 1.3175. - On the contrary, closing above both EMAs may prompt a recovery to retest the following resistance at 1.3580. Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness