GBP/USD backs off from session highs, bullish tone intact

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD backed off from the daily high of 1.4545 clocked after ADP release and dovish comments from Fed’s Dudley, but the bid tone remains intact, keeping the pair around 1.4525-1.4530 levels.

    Awaits US ISM non-manufacturing number

    The traders now await the US ISM non-manufacturing number. The devil lies in the detail – markets would like to see if the service sector added jobs at a healthy rate in January. A strong employment index would increase the possibility of an upbeat payroll figure.

    Post US ISM non-manufacturing data, the markets would brace up for Super Thursday- BOE rate decision, minutes, and Quarterly Inflation Report and Carney's press conference comments.

    GBP/USD Technical Levels

    The immediate resistance is seen at 1.4545 (daily high), above which the spot could target 1.4566 (Apr 13 low), which if taken out shall see the pair rise to 1.46 levels. On the other hand, a break below 1.4519 (38.2% of 1.5230-1.4079) could see the spot drop to 1.44 under which a major support is seen at 1.4351 (23.6% of 1.5230-1.4079).
    For more information, read our latest forex news.

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