GBP/USD Trades Modestly Around 1.2640

GBP/USD is mildly bearish around 1.2640. Amid cautious market sentiment, the dollar rose to 104.20 with modest gains, providing some support for GBP/USD. Investors will pay close attention to Friday’s high-profile U.S. non-farm payrolls data, unemployment rate and speeches by Fed officials Mussallem, Coogler, Barkin and Bowman.

The number of people filing for unemployment benefits in the United States hit a two-month high last week. Data released by the U.S. Department of Labor on Thursday showed that in the week ended March 30, the number of people filing for unemployment benefits in the United States increased by 9,000 last week from 212,000 the previous week, which was lower than the expected value of 214,000. Additionally, continuing claims for unemployment benefits fell by 19,000 to 1.791 million in the week ended March 23. The US dollar fell below the 104.00 support level following the release of upbeat US economic data. However, the safe-haven dollar pared losses as worries about an Iranian attack on Israel drove market volatility.

The CIA has warned Israel that Iran will launch an attack on Israel within the next 48 hours, Express reported. The warning came after Israel attacked Tehran’s consulate in Damascus, Syria, killing two Iranian military leaders. Rising geopolitical tensions in the Middle East are likely to boost the US dollar and be a driver of GBP/USD.

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