By the end of yesterday, the British pound had lost 108 pips. Although the reason was not the anticipation of today's U.S. employment data, but rather domestic political turmoil, this could only worsen the pound's position going forward. Prime Minister Keir Starmer is expected to begin a cabinet reshuffle, with Chancellor Rachel Reeves reportedly first in line for dismissal due to the failure of social spending reform.

The pound's price has fallen below the daily MACD line (MACD line), and the day opened below the target level of 1.3635. This indicates that today's candlestick is likely to be black (bearish), opening the path toward the target range of 1.3140–1.3208.

However, since the bulls' momentum hasn't completely faded yet, weak U.S. employment data for June could push the pound above the target level of 1.3834.

On the four-hour chart, the price is struggling with support at the target level of 1.3635 and the MACD line. The Marlin oscillator is developing in a downtrend zone. The U.S. employment data release will determine the outcome of this battle.