The economic calendar reminds us that tonight the US is due release two crucial rpeorts on the labor market: nonfarm payrolls & unemployment rate. On the grounds of this data, we project the high/low of the day (H/LOD) for the Cable based on the Interbank Price Delivery Algorithm (IPDA) from the previous day CBDR (Central Bank Dealer Range) with Today's Flout Range. Usually under normal market conditions, the price will move to standard deviation 2 - 4. In this case ideally GBP/USD will move between 1.3029-1.3053 and/or 1.3085-1.3109. Please pay attention to the level above the Flout Range as 1.31321/1.3133 because of confluence between the previous day CBDR STDV 1 and today's Flout STDV 7. Both these levels have a potential turning point as a HOD. For the level below the Flout Range, please pay attention to the area of 1.3052/1.3053 from the CBDR STDV 2 & The Flout STDV 1 with 1.3012-1.3013 from the CBDR STDV 4 with the Flout STDV 6 because all these levels have a possibility to be a LOD and could be a potential turning point level.
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