GBP/USD Neglects Weak UK Jobs Data

GBP/USD Neglects Weak UK Jobs Data

20 April 2016, 12:52
Roberto Jacobs
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GBP/USD Neglects Weak UK Jobs Data

While investors remain busy tracking oil prices, GBP/USD pair recovers from day's low of 1.4345 to 1.4400, neglecting disappointing UK jobs data and even as Brexit referendum remains high on agenda.

GBP/USD remains anchored below 1.4400 handle

Bullish traders are reaping benefits of risk-off ride being witnessed across global financial markets.

The pair, however, remains well anchored below yesterday's high of 1.4418 marking a short-term descending trend-line resistance. Hence, it would be prudent to wait for a clear break through this important resistance, which if cleared decisively should lift the pair immediately towards 1.4475 level.

Meanwhile, on the downside day's low near 1.4450-45 area should restrict immediate downside. Repeated failed attempts to sustain strength above 1.4400 mark and a reversal back below 1.4450 level seems to turn the pair vulnerable to retest sub-1.4300 level in the very short-term.

(Market News Provided by FXstreet)



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