Forex: GBP/USD hits fresh low after ADP report
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GBP/USD
FXstreet.com (Córdoba) - The British pound retreated further and turned negative against the dollar after data showed US private payrolls came in lower-than-expected in November ahead of the Government NFP due for release next Friday.
GBPUSD has dropped over 30 pips within the last hours, stretching to a fresh daily low of 1.6081 after the data. At time of writing, the Cable is quoting at the1.6085 zone, down 0.1% on the day.
From a technical view, the ICN.com team notes that despite the slight drop the pair is stable above key support levels of the downside move, as 1.6065 represents the 23.6% correction of the 1.5267/1.6311 rise. "Therefore, we remain positive".
The ADP payroll survey indicates that US private sector employment increased by a more modest 118,000 in November, down from 157,000 the month before.
GBPUSD has dropped over 30 pips within the last hours, stretching to a fresh daily low of 1.6081 after the data. At time of writing, the Cable is quoting at the1.6085 zone, down 0.1% on the day.
From a technical view, the ICN.com team notes that despite the slight drop the pair is stable above key support levels of the downside move, as 1.6065 represents the 23.6% correction of the 1.5267/1.6311 rise. "Therefore, we remain positive".
The ADP payroll survey indicates that US private sector employment increased by a more modest 118,000 in November, down from 157,000 the month before.
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