7 Jun 2013
GBP/USD choppy after NFP’s
FXstreet.com (London) - ="">GBP/USD has been choppy after the release of the very closely monitored NFP’s which printed a better number of 175k against previous 165K and 170k expected.
The pair has been offered lower into the 1.5530's since the release, but previously, the GBP/USD had rallied sharply higher to reach the top of its 3 month up channel and 200 day ma, and according to analysis Karen Jones at Commerzbank, these are located at 1.5684/1.5706 and are expected to hold the initial test. She explains that above here lies the 1.5806 200 week ma and 1.6040, the 78.6% retracement of the move seen this year. She added that the market will remain bid while above 1.5425/1.5390, only below here will alleviate immediate upside pressure for a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher).
ICN.com analysts said that the pair failed to breach and stabilize above 1.5606 so far, but they see it stabilizing above 1.5535 as stabilizing above it keeps the possibility of extending the bullish move valid today. They suggest that the trading range for today is among key support at 1.5375 and key resistance at 1.5770 and the general trend over short term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.
The pair has been offered lower into the 1.5530's since the release, but previously, the GBP/USD had rallied sharply higher to reach the top of its 3 month up channel and 200 day ma, and according to analysis Karen Jones at Commerzbank, these are located at 1.5684/1.5706 and are expected to hold the initial test. She explains that above here lies the 1.5806 200 week ma and 1.6040, the 78.6% retracement of the move seen this year. She added that the market will remain bid while above 1.5425/1.5390, only below here will alleviate immediate upside pressure for a slide back to 1.5270 en route to 1.5155 (retracements of this recent leg higher).
ICN.com analysts said that the pair failed to breach and stabilize above 1.5606 so far, but they see it stabilizing above 1.5535 as stabilizing above it keeps the possibility of extending the bullish move valid today. They suggest that the trading range for today is among key support at 1.5375 and key resistance at 1.5770 and the general trend over short term basis is to the downside as far as areas of 1.5770 remains intact targeting 1.4355.