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GBP/USD drops below 1.5400 after US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD fell below the 1.54 mark as the greenback was underpinned by better than expected employment and trade balance data.

    Automatic Data Processing (ADP) reported private sector added 182K new jobs in October, slightly above the 180K expected. Meanwhile, separated data showed US trade deficit shrunk to $40.8 billion in September versus $41.10 expected.

    Pound, that was struggling to stay positive, surrendered and fell to a fresh daily low of 1.5393, before the 100-hour SMA offered support. At time of writing, the pair is trading at 1.5395, recording a 0.16% loss on Wednesday.

    Focus shifts to remarks from Yellen and several other FOMC members later on the session ahead of the nonfarm payrolls government report due on Friday. Investors will also be watching BoE "Super Thursday".

    GBP/USD technical levels

    On the downside, next supports are seen at 1.5359 (Nov 3 low), 1.5338 (50- and 200-day SMA crossover) and 1.5305/00 (Oct 30 low/psychological level).On the upside, next resistances line up at 1.5476 (100-day SMA), 1.5496 (Nov 2 high) and then 1.5507 (Oct 15 high).
    For more information, read our latest forex news.

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