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GBP/USD through 1.4500 ahead of ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The risk appetite is trying to return to the markets today, now pushing GBP/USD to trade above the 1.4500 handle for the first time since early January.

    GBP/USD advances a big-figure, ADP eyed

    The pair has gained over a cent since overnight lows in sub-1.4400 levels, propped up by a positive surprise from UK’s Services PMI during last month and the generalized sentiment hurting the greenback.

    While equity markets continue to navigate in a sea of red in the Old Continent, traders are shifting their focus on the upcoming ADP figures, where the US private sector is expected to have created nearly 200K jobs during last month.

    GBP/USD levels to consider

    As of writing the pair is up 0.59% at 1.4500 and a breakout of 1.4522 (38.2% Fibo of 1.5240-1.4079) would target 1.4659 (50% Fibo of 1.5240-1.4079) en route to 1.4753 (55-day sma). On the other hand, the next support aligns at 1.4147 (low Jan.29) followed by 1.4079 (low Jan.20) and finally 1.4000 (psychological level).

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