GBP/USD: weighed down by uptick in US hourly earnings

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - A weaker-than-expected non-farm payrolls figure pushed GBP/USD to 1.4587, before USD demand recovered on the back of uptick in the wages.

    Revisits daily lows

    The spot revisited the daily low set earlier today at 1.4507. The average hourly earnings rose 0.5% m/m, bettering the estimated rise of 0.3%. This helped USD remain resilient despite a big miss on the NFP number (at 151K).

    The drop in the unemployment rate also helped save the day for the USD.

    GBP/USD Technical Levels

    A break above the immediate resistance at 1.4577 (hourly 50-MA)), above which the prices could have a go at a major hurdle at 1.4668 (previous day’s high). On the other hand, a break below hourly 100-MA at 1.4488 could see prices drop to 1.4392 (hourly 200-MA).
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