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Forex pairs in this Article » GBP/USD
FXstreet.com (Barcelona) - The GBPUSD plunged nearly 40 pips after the publication of a series of economic data in the United States, causing the pound to wane against its American counterpart. The bleeding started early during Asian trading off of a session high of 1.6135, culminating in the pair recording new intraday minimums in the region of 1.6030 at the time of writing. In the aftermath of this collapse, the pair is suffering a decline of -0.57% Friday.

In the United States, the highly anticipated Nonfarm Payrolls surprised many by yielding a figure of 171K in October, beating consensus expectations of only 125K, and up from 148K in the previous month. With regards to employment, always a key indicator this close to the US election within the week, the Unemployment Rate (October) stood at 7.9%, which matched estimates. Finally, Average Hourly Earnings (YoY) grew only +1.6% in October, which slightly missed projections calling for a figure of +1.7%.

According to the technical analyst team at ICN.com, The GBPUSD is negatively influenced by touching the solid resistance of the 1.6180 mark yesterday, as the pair continued to move lower during the previous session and is currently re-attacking 23.6% Fib of the CD leg of the bearish harmonic formation. Moreover, the current bearish tendencies attract us to join bears, though not before clearing SMA 50 which is valued at 1.6025."

After toppling through calculated support at 1.6075, the GBPUSD is presently testing support in the area of 1.6050, however a break below this will expose 1.6025. On the ascension, resistances are noted at 1.6125, then 1.6165, and finally 1.6180.
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