GBP/USD at post Non Farm Payrolls daily lows

By FXstreet.com | June 06, 2014 AAA

FXStreet (London) - Having jumped following todays Non Farm Payrolls, GBP/USD has retraced all gains to post a fresh daily low.

Non Farm Payrolls came in at 217k, just shy of the 218k estimated by industry analysts, and lower than the previous reading of 282k. Elsewhere US Unemployment remained at 6.3%, despite forecasts of an incremental rise to 6.4%. The news saw an initial push higher for cable, with the pair jumping to post a high at 1.6844, before reversing all gains and slumping to where spot is presently posting fresh lows at 1.6791.

GBP/USD Technicals

On a daily chart we can see that spot is approach the 50 SMA at 1.6783, with Wednesday's high at 1.6779 just below. On a daily chart, we can see that RSI is sat in neutral territory at 53.03, while 2-standard deviation volatility bandwidth for the same period is 210 pips and shrinking. Current price is 1.6795, with resistance ahead at 1.6805 (Hourly 20 EMA), 1.6820 (Weekly High), 1.6821 (Daily Open), 1.6827 (Yesterday's High) and 1.6848 (Daily High). Next support to the downside can be found at 1.6793 (Daily 20 SMA), 1.6791 (Daily Low), 1.6789 (Daily Classic PP), 1.6777 (Weekly Classic PP) and 1.6761 (Hourly 100 SMA).

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