11 Aug 2015
GBP/USD hovers below 1.5600, UK employment data eyed
FXStreet (Buenos Aires) - The GBP/USD pair ends the day in the red, a handful of pips above a daily low established at 1.5554. Earlier in the day, the pair advanced up to 1.5614, with sellers rejecting price around the 1.5600 region.
There were no fundamental releases in the UK, but Britain will release its monthly employment data during the upcoming European session, and the jobless claims change is expected to have increased by a further 1,000 people in July, compared to a rise of 7,000 people a month before, whilst the jobless rate in the quarter to June is expected to remain unchanged at 5.6%.
GBP/USD technical perspective
“The short term technical picture is bearish for the pair, as the 1 hour chart shows that the 20 SMA is gaining bearish slope above the current level, whilst the technical indicators are crossing their mid-lines towards the downside, anticipating additional declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price struggles around its 200 EMA, while the RSI indicator already turned lower around 52, although the Momentum indicator continues heading higher well above its 100 level, limiting chances of a sharp decline in the short term”.
Support levels: 1.5550 1.5510 1.5465. Resistance levels: 1.5620 1.5660 1.5710.
There were no fundamental releases in the UK, but Britain will release its monthly employment data during the upcoming European session, and the jobless claims change is expected to have increased by a further 1,000 people in July, compared to a rise of 7,000 people a month before, whilst the jobless rate in the quarter to June is expected to remain unchanged at 5.6%.
GBP/USD technical perspective
“The short term technical picture is bearish for the pair, as the 1 hour chart shows that the 20 SMA is gaining bearish slope above the current level, whilst the technical indicators are crossing their mid-lines towards the downside, anticipating additional declines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price struggles around its 200 EMA, while the RSI indicator already turned lower around 52, although the Momentum indicator continues heading higher well above its 100 level, limiting chances of a sharp decline in the short term”.
Support levels: 1.5550 1.5510 1.5465. Resistance levels: 1.5620 1.5660 1.5710.