13 Jan 2014
GBP/USd finds resistance off GBP selling drop
FXstreet.com (London) - GBP/USD bounced off resistance following some real money GBP selling. The pair rose sharply on Friday’s US non-farm payroll disappointment, before recovering losses by the end of the session, but today’s move took the pair into bearish territory.
Non-farm miss
USD dropped across the board on Friday after US non-farm payrolls added just 74k jobs in December, after November’s upwardly revised 241k print. While Fed members Lacker and Bullard played down the implications of the weak numbers for the Fed’s tapering plans, the much weaker than expected numbers reignited speculation over the pace of the Fed’s winding up of it’s current quantitative easing programme.
With little in the way of macro data on the cards from either side of the Atlantic today, the pair is heavily driven by technicals.
GBP support at session lows
GBP/USD is currently trading at USD1.6443 after finding support at a session-low of USD1.6323. With the absence of macro events on the schedule, the pair will take another real money move to shift it out of its current consolidation.
Non-farm miss
USD dropped across the board on Friday after US non-farm payrolls added just 74k jobs in December, after November’s upwardly revised 241k print. While Fed members Lacker and Bullard played down the implications of the weak numbers for the Fed’s tapering plans, the much weaker than expected numbers reignited speculation over the pace of the Fed’s winding up of it’s current quantitative easing programme.
With little in the way of macro data on the cards from either side of the Atlantic today, the pair is heavily driven by technicals.
GBP support at session lows
GBP/USD is currently trading at USD1.6443 after finding support at a session-low of USD1.6323. With the absence of macro events on the schedule, the pair will take another real money move to shift it out of its current consolidation.