GBP/USD Runs into Offers Once Again at 1.4500, NFP Eyed

GBP/USD Runs into Offers Once Again at 1.4500, NFP Eyed

6 May 2016, 11:34
Roberto Jacobs
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GBP/USD Runs into Offers Once Again at 1.4500, NFP Eyed

The GBP/USD pair is seen trading quite choppy this NFP Friday, swinging between gains and losses amid increased uncertainty as we head towards the US jobs data release.

GBP/USD drops below daily pivot

The GBP/USD pair trades modestly flat at 1.4480, unable to beat the bears lined up at 1.45 handle. The cable eases-off highs and now wavers in a limited range, with the upside capped by 1.45 barrier, while the downside remains cushioned just ahead of 1.4450.

The prices appear to have found some support from the renewed weakness seen around the US dollar, while upside bias lacks momentum on the back of persisting risk-off sentiment. Meanwhile, the USD index now drops -0.12% at 93.63 levels.

On the data-front, next of relevance remains the US NFP data, which is likely to set next direction on the GBP/USD pair.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4500/01 (daily high/ round number), above which 1.4561/70 (1h 100 & 200-SMA) would be tested. On the flip side, support is seen at 1.4442 (20-DMA) below that at 1.4403/00 (daily S2/ round number).


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