Despite GBPUSD's Plunge, Dollar and Risk Level off Before NFPs

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GBPUSD has quickly returned to the spotlight with a 5.1 percent drop through May and a 1.8 percent tumble just over the past three trading days. Risk aversion has become a common sight, but the cable's performance stands out even further through Thursday's session because the remaining majors were relatively steady while other sentiment reads (like the Dow Jones Industrial Average) leveled out. As the saying goes, the nail that sticks out furtherest is hammered down. GBPUSD may have overrun the market's tolerance or it could prove the leader for a broader trend. The future we choose could very well depend on what happens with Friday's US Nonfarm Payrolls.

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