GBP/USD Regains 1.4500 and Beyond ahead of NFP

GBP/USD Regains 1.4500 and Beyond ahead of NFP

6 May 2016, 12:33
Roberto Jacobs
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GBP/USD Regains 1.4500 and Beyond ahead of NFP

The GBP/USD pair finally stormed its way through 1.45 handle and now heads for a test of 5-DMA at 1.4541 as the US dollar drops further against its competitors over the last hour.

GBP/USD finds fresh bids near 1.4475 region

The GBP/USD pair trades 0.19% higher at 1.4512, retreating quickly from fresh session highs reached at 1.4523 levels few minutes ago. The cable picked-up significant strength in the last hour, after having found fresh demand near 1.4475 region, and rallied beyond 1.45 barrier as markets cover their GBP shorts after the recent UK PMI reports-led weakness, as focus now shifts towards the US jobs report, which will have significant influence on the GBP/USD pair.

Meanwhile, stabilizing oil prices combined with easing risk-off moods also contributed to the renewed bout of buying interest seen around the major.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4556/70 (1h 100 & 200-SMA), above which 1.4600 (round number) 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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