GBP/USD found thin gains on quiet Monday

• GBP/USD remains buoyed above 1.3100 on holiday market start to the trading week.
• UK data remains thin this week, Pound Sterling to rise and fall at the mercy of market flows.
• One last key US NFP print looms on Friday before upcoming Fed rate call.

GBP/USD turned into the midrange on Monday, plagued by a thin economic calendar on the UK side and shuttered US markets for the Labor day holiday. Despite a middling open to the trading week, Cable looks poised to continue a near-term pullback, assuming markets aren't thrown into a tailspin by US jobs figures due later in the week.

The UK is poorly represented on the economic calendar throughout the week, with only low-tier prints on the offer for GBP traders. US Purchasing Managers Index (PMI) figures are dotted throughout the week, but US labor figures will be the key prints on both Thursday and Friday. US ADP Employment Change slated for Thursday represents the first hurdle on the road to Friday's US NFP jobs data dump. This week represents the last major labor update for the US economy before the Fed delivers its hotly-anticipated rate call on September 18. 

Before both of those, however, US JOLTS job openings due on Wednesday are expected to hold steady near 8.1M in July, in-line with the previous month's 8.184M.

GBP/USD price forecast

Cable has backslid from multi-month highs above 1.3250 back below the 1.3150 level as Greenback selling pressure cools, but the pair is stubbornly sticking to recent highs after vaulting to a peak 29-month bid in August. Price action is still tilted firmly into the bullish side above the 200-day Exponential Moving Average (EMA) at 1.2725, while the immediate downside technical target for shorts will be the 50-day EMA just above the 1.2900 handle.

GBP/USD daily chart