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GBP/USD: Bulls rescued by 5-DMA, recovers to 1.4540

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The cable stalled its selling spiral and found renewed bids just ahead of 1.45 handle as the risk sentiment improves, tracking the minor-recovery in oil prices.

    GBP/USD eyes Thursday’s low

    The GBP/USD pair drops -0.38% to 1.4533, recovering swiftly from fresh session lows reached at 1.4508 last hours. The GBP bears took a breather and now allow a minor recovery in the GBP/USD pair as markets resort to repositioning ahead of the main market moving event for today, the US NFP report. Markets are expecting the US economy to add 190k jobs last month, against a stellar 292k jobs additions seen in Dec.

    In the last hours, the major extended its post-BOE retreat to near 1.45 handle as the US dollar jumped back on the bids and stalled its recent sell-off against its major peers. Moreover, yesterday’s not-so impressive BOE outcome and Carney’s presser also continued to weigh on the GBP/USD pair.

    GBP/USD Levels to consider


    The pair has an immediate resistance at 1.4600 (round number), above which 1.4667 (post-BOE highs) would be tested. On the flip side, support is seen at 1.4508/00 (5-DMA + daily low) below which it could extend losses to towards 1.4476/67 (Jan 13 High/ 1h 100-SMA).
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