GBP/USD is currently trading at 1.5254 with a high of 1.5353 and low 1.5237.
GBP/USD is consolidating the downside post the Nonfarm Payrolls event that took the dollar index through the 50% retracement of Feb's bear trend and has Sterling down to test the mid point of the 1.52 handle. The main take away from the jobs data was earnings growth recouping the December fluke and the participation rate jumped, and analysts at Brown Brothers Harriman (BBH) said, "Yet, on balance, those who doubted a mid-year Fed hike have to reconsider."
The data beat expectations with net new 257k jobs arriving in January, in a month that is usually low on jobs creation while an additional 147k jobs were added to the November and December reports as well. The analysts at BBH said this makes its the "strongest three months of jobs gains in the US since November 2008." However, until the market takes out the minor Fibo and 20 day ma at 1.5165/43, the major remains in bullish territory in a broader sense and longer term time frame.
GBP/USD is consolidating the downside post the Nonfarm Payrolls event that took the dollar index through the 50% retracement of Feb's bear trend and has Sterling down to test the mid point of the 1.52 handle. The main take away from the jobs data was earnings growth recouping the December fluke and the participation rate jumped, and analysts at Brown Brothers Harriman (BBH) said, "Yet, on balance, those who doubted a mid-year Fed hike have to reconsider."
The data beat expectations with net new 257k jobs arriving in January, in a month that is usually low on jobs creation while an additional 147k jobs were added to the November and December reports as well. The analysts at BBH said this makes its the "strongest three months of jobs gains in the US since November 2008." However, until the market takes out the minor Fibo and 20 day ma at 1.5165/43, the major remains in bullish territory in a broader sense and longer term time frame.
