GBP/USD challenging 1.4600, focus on Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The British pound is now deflating vs. the greenback, dragging GBP/USD extending its consolidative pattern around the 1.4600 mark.

    GBP/USD unmoved on UK data, US releases expected

    The demand for the sterling has been depressed since Monday, sending the pair to post fresh multi-year lows in the 1.4530 area on Thursday, although it has recovered the 1.4600 neighborhood today on a better risk sentiment.

    Data wise in the UK economy, the trade deficit has missed expectations for the month of November, while market expectations are clearly focused on the US Payrolls due later in the NA session (200K exp. in December).

    GBP/USD important levels

    The pair is now retreating 0.14% at 1.4600 and a breach of 1.4530 (low Jan.7) would expose 1.4500 (psychological level) and then 1.4346 (low Jun.8 2010). On the flip side, the next up barrier aligns at 1.4947 (high Dec.24) ahead of 1.5072 (55-day sma) and finally 1.5240 (high Dec.12).
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