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GBP/USD around 1.4150 ahead of jobs data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The selling pressure around the sterling keeps intensifying during the first half of the week, sending GBP/USD to test fresh 7-year lows in the 1.4130 area.

    GBP/USD weaker on BoE, focus on UK jobs

    The British pound has suffered a major blow on Tuesday after Governor M.Carney showed once again no rush in hiking rates, expressing concerns at the same time of the impact on the domestic economy of events overseas, particularly China.

    Carney’s tone has caught markets off-guard and prompted spot to accelerate its decline to levels last seen in March 2009 around 1.4130.

    Another test for GBP lies ahead in the session, as UK labour market figures are due. Market consensus expects the Claimant Count Change to have increased by 2K during December and the jobless rate to have stayed put at 5.2%.

    GBP/USD key levels

    The pair is now losing 0.12% at 1.4159 with the next support at 1.4127 (low Jan.19) followed by 1.4049 (monthly low Feb.2009) and finally 1.4000 (psychological level). On the other hand, a breakout of 1.4444 (downtrend from 1.5232) would open the door to 1.4550 (20-day sma) and finally 1.4947 (high Dec.24).
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