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GBP/USD: Bullish move gains pace ahead of US ADP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The bullish tone around Sterling strengthened ahead of US ADP release, pushing the GBP/USD pair to a session high of 1.4027.

    Bid above 5-DMA

    Cable found bids above 5-DMA at 1.3942. Prices fell to a low of 1.3914 before regaining poise. The spot has managed to chew through offers around 1.40 handle and clock fresh session high of 1.4027 levels. The British Pound has remained resilient to oil prices slide and the drop in the UK’s FTSE index.

    The traders now await US ADP report, which is expected to show the pace of job additions in the private sector slowed to 190K in February.

    GBP/USD Technical Levels

    The immediate hurdle is seen at 1.4032 (23.6% of 1.4669-1.3835), which if taken out would increase the odds of the pair making a go at 1.4079 (Jan 21 low). On the other hand, a break below 5-DMA of 1.3942 would open doors for a sell-off to 1.3835 (Monday’s low).
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