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Forex pairs in this Article » GBP/USD (Guatemala) - GBP/USD broke down through the base of the wedge formation earlier, but has continued back on the bid.

GBP/USD marked a low towards 1.6320 and has since drifted back towards 1.6380. The theme of course remained with the Non Farm Payrolls result and all eye’s and ears were with Fed speakers. The Fed said, wages and price pressures are contained, most districts reported increases in home sales, commercial real estate reports contain much good news, retail sales up in most districts, hiring up in 2/3rds of districts, growth up in most districts and to expect pick up in growth. Markets would expect the FOMC to taper an additional $10b later this month and across the wires as well, Fed member Evans suggested that if data s strong, there could be a pick up on the taper as soon as March.

GBP/USD Levels

The 20 DMA is 1.6430, the 50 DMA is 1.6306 and the 200 DMA is 1.5744. RSI (14) reads 54.17. Supports are ascending from 1.6262, 1.6316, 1.6337. Spot is currently 1.6372 while resistances are 1.6416, 1.6471, 1.6518, 1.6542 and 1.6558.
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