GBP/USD Reclaims 1.4500 Handle on Latest 'Brexit' Poll Results
GBP/USD Reclaims 1.4500 Handle on Latest 'Brexit' Poll Results
The GBP/USD
pair held on to 1.4400 handle and witnessed a smart recovery to 1.4537
as the latest 'Brexit' poll result showed 'Remain' camp were leading
with 55% votes.
Earlier during the day, the pair shrugged off strong-than-expected UK
labor market report and dropped to 1.4400 handle. Today's UK jobs report
delivered a positive surprise and showed that the number of people
claiming unemployment-related benefits during April declined by 2,400 vs
the expected rise of 4,000. Meanwhile, the wage growth of 2.0%
surpassed even the most optimistic expectations. The unemployment rate
held steady at 5.1%.
Ahead of the FOMC minutes due later today during NY session, a dovish
shift would be enough to push the pair through 1.4530-40 strong
resistance area.
Technical levels to watch
A convincing break through 1.4530-40 strong horizontal resistance would
add to the near-term bullish bias and open room for an immediate up-move
towards 1.4600 round figure mark.
Meanwhile on the downside, 1.4460-50 horizontal zone should now protect
immediate downside. Only a strong signal that the Fed would move towards
hiking rate in June might force the pair to break below this immediate
support and extend its downward trajectory even below 1.4400 handle,
towards testing its next major support near 1.4345-40 region, comprising
of 50 and 100-day SMAs.
