US ADP Up NextThe main data focus for today’s US session will be the ADP employment figure. With the reading often used as proxy for gauging the NFP release to follow, today’s data holds the potential to create plenty of market volatility if we see any significant surprise.Consensus forecasts for the release are focusing on the 695k figure, which would mark an uptick from the prior 692k reading. However, given that USD has fallen from favour recently, it would likely take a very strong reading to cause an upside shift ahead of the NFP release on Friday.Where to Trade the Release?GBPUSDFollowing the downside break of 1.3676, the pair has since reversed sharply and is now close to seeing a breakout above the 1.3997 level. This has been a key level for the pair this year and a move back above the level would be a firm bullish development. With MACD and RSI supporting, any USD weakness today could see the pair back above 1.3997, putting the focus on 1.4248 as an initial target.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/market-spotlight-trading-us-adp-employment"
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