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Fresh lows for GBP/USD ahead of US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD fell to a fresh session low of 1.5024 levels ahead of the monthly private sector employment report in the US.

    Focus on US ADP

    The ADP report is expected to show the private sector added 190K jobs in November compared to 182K additions seen last month. A strong figure would be additional evidence of the labour market tightening. The report would be followed by Yellen speech.

    As of now, the entire gains witnessed in the previous two session stands erased.

    GBP/USD Technical Levels

    The immediate support is seen at 1.50, under which the pair could test 1.4951 (Jan 23 low). A break lower would expose 1.49 handle. On the other side, 100-DMA at 1.5064 could offer resistance, above which the pair could rise to 1.0587 (61.8% of Apr-Jun rally) and 1.51 (hourly 200-MA).
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