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GBP/USD: sell-off continues ahead of NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD has just hit another session low of 1.5145 after the data released in the UK showed the economy in Q3 was weaker-than-previously estimated.

    Focus on NFP

    On a quarterly basis, the trade deficit and the industrial output deteriorated, the UK data showed today, thereby pointing to a weaker Q3 than previously expected. Consequently, Sterling failed to cheer the minor uptick in the activity highlighted by the September month figures.

    The focus now is on the US non-farm payrolls report, which could significantly alter the Fed rate hike bets. Sterling is heading into the report as one of the weakest major currencies.

    GBP/USD Technical Levels

    At 1.5145, the immediate support is now seen at 1.5107 (Oct 1 low), followed by 1.5087 (61.8% of Apr-Jun rally). A break below would expose 1.5 handle. On the higher side, a corrective rally could face immediate resistance at 1.5163 (Sep 4 low) and 1.5248 (50% of Apr-Jun rally).
    For more information, read our latest forex news.
     

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