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The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance.
On the GBP/USD charts the US surge was consistent with the 1.2760/1.2780 range acting as support. After the data release, the rate only paused shortly at 1.2600, before approaching 1.2500. However, support was found at 1.2520, and a recovery took place since mid-Monday.
To continue the recovery, the GBP/USD has to break the weekly S1 simple pivot point at 1.2570 and the 50-hour simple moving average near 1.2585. Higher above, the 1.2590/1.2610 range is expected to once again impact the rate.
However, a decline of the pair is expected to look for support in the 1.2520 level, the weekly S2 simple pivot point at 1.2513 and the 1.2500 mark. Further below, note the 1.2450 level, the weekly S3 simple pivot point at 1.2412 and the 1.2400 mark.
Tue, 06 Feb 2024 13:56:31 GMT
Source: Dukascopy Bank SA
The United States Bureau of Labor Statistics has published the monthly employment data sets. The released data has caused a surge of the US Dollar of 0.5% over the span of a minute. Afterwards, the Dollar continue to gain, as the momentum had continued. Since mid-Monday, the Dollar index was testing the 104.50 level's resistance.
On the GBP/USD charts the US surge was consistent with the 1.2760/1.2780 range acting as support. After the data release, the rate only paused shortly at 1.2600, before approaching 1.2500. However, support was found at 1.2520, and a recovery took place since mid-Monday.
To continue the recovery, the GBP/USD has to break the weekly S1 simple pivot point at 1.2570 and the 50-hour simple moving average near 1.2585. Higher above, the 1.2590/1.2610 range is expected to once again impact the rate.
However, a decline of the pair is expected to look for support in the 1.2520 level, the weekly S2 simple pivot point at 1.2513 and the 1.2500 mark. Further below, note the 1.2450 level, the weekly S3 simple pivot point at 1.2412 and the 1.2400 mark.