GBP/USD is back near 1.2800

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The US Bureau of Labor Statistics has published the monthly employment data. Released data has shown a major increase in unemployment. The US Dollar index reacted to the news by sharply declining.

Average Hourly Earnings were forecast to show a monthly increase of 0.3%. The actual income change is just 0.2%. Non-Farm Employment Change was expected to show a reading of 176,000 new jobs. The reality is that only 114,000 new jobs have been created. Market consensus was that the Unemployment Rate would be at 4.1%. Released number shows unemployment at 4.3%.

The GBP/USD reacted to the news by surging up to the 1.2840 level that acted as resistance. Afterwards, the pair appeared to be consolidating near the 1.2800 mark.

A resumption of the surge is expected to face resistance at 1.2840, 1.2860 and the 1.2900 levels. In addition, note the 100 and 200-hour simple moving averages.

In the case of a decline, the rate is set to look for support of the 50-hour simple moving average near 1.2790. Below the SMA, the 1.2735/1.2750 range is expected to provide support, before the rate reaches the 1.2700 mark.
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