GBP/USD neglects weak UK jobs data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    While investors remain busy tracking oil prices, GBP/USD pair recovers from day's low of 1.4345 to 1.4400, neglecting disappointing UK jobs data and even as Brexit referendum remains high on agenda.

    GBP/USD remains anchored below 1.4400 handle

    Bullish traders are reaping benefits of risk-off ride being witnessed across global financial markets.

    The pair, however, remains well anchored below yesterday's high of 1.4418 marking a short-term descending trend-line resistance. Hence, it would be prudent to wait for a clear break through this important resistance, which if cleared decisively should lift the pair immediately towards 1.4475 level.

    Meanwhile, on the downside day's low near 1.4450-45 area should restrict immediate downside. Repeated failed attempts to sustain strength above 1.4400 mark and a reversal back below 1.4450 level seems to turn the pair vulnerable to retest sub-1.4300 level in the very short-term.
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