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US dollar rises, drags GBP/USD to fresh daily lows after US NFP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - GBP/USD made fresh lows for the day as the greenback received a lift from better-than-expected nonfarm payrolls figures, although Cable managed to hold above a 5 ½-year low scored the previous day.

    US economy added 292,000 jobs in December, beating the 200,000 expected while November and October readings were upwardly revised by a combined 50,000. The unemployment rate stood unchanged at 5.0% as expected.

    GBP/USD dropped to a low of 1.4550 from 1.4590 minutes before the release, although it found support ahead of its cycle low of 1.4532. At time of writing, the pair was trading at 1.4575, still 0.27% below its opening price.

    GBP/USD levels to watch

    As for technical levels, if GBP/USD falls below 1.4532 (5 ½-year low, Jan 7), next supports are seen at 1.4500 (psychological level) and 1.4345 (Jun 2010 monthly low). On the flip side, short-term resistances could be found at 1.4639 (Jan 7 high), 1.4680 (Jan 6 high) and 1.4724 (Jan 5 high).
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