2 May 2014
GGBP/USD slips to 2-day low
FXStreet (Córdoba) - The GBP/USD is extending its correction from multi-year highs Friday as a ramp-up in tensions in Ukraine and caution ahead of the nonfarm payrolls have put the Cable under pressure.
Also weighed by disappointing UK construction PMI, the GBP/USD dropped to a fresh 2-day low of 1.6864 during the European session and it was last trading at 1.6870, recording a 0.13% loss on the day. Attention now turns to the US employment report, with consensus pointing for a 210,000 job creation in April - the highest in 5 months - versus 192,000 in March.
GBP/USD technical perspective
“Despite indicators are slightly exhausted to the upside, the dominant trend is still bullish, with a break above 1.6920 pointing for an upward extension towards the 1.6960 price zone, in route to critical 1.7000 figure”, said Valeria Bednarik, chief analyst at FXStreet. “On the other hand, below 1.6840 the downward potential may extend towards 1.6780 price zone, yet will be only a clear break below this latter that signals further falls for the days to come”.
Also weighed by disappointing UK construction PMI, the GBP/USD dropped to a fresh 2-day low of 1.6864 during the European session and it was last trading at 1.6870, recording a 0.13% loss on the day. Attention now turns to the US employment report, with consensus pointing for a 210,000 job creation in April - the highest in 5 months - versus 192,000 in March.
GBP/USD technical perspective
“Despite indicators are slightly exhausted to the upside, the dominant trend is still bullish, with a break above 1.6920 pointing for an upward extension towards the 1.6960 price zone, in route to critical 1.7000 figure”, said Valeria Bednarik, chief analyst at FXStreet. “On the other hand, below 1.6840 the downward potential may extend towards 1.6780 price zone, yet will be only a clear break below this latter that signals further falls for the days to come”.