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2 Apr 2015
GBP/USD back to square one
FXStreet (Córdoba) - GBP/USD is giving up some ground during the American afternoon as the UK election leaders’ debate gets underway.
GBP/USD has dropped nearly half a cent from session highs and it is currently trading around 1.4815, virtually unchanged on the day. In the absence of shocking comments from the debate, Cable seems set for a consolidation phase ahead of the nonfarm payrolls report to be published tomorrow 12:30 GMT, with consensus pointing to a 244,000 job gain in March.
GBP/USD short-term technical levels
“In the short term, the 1 hour chart suggest the pair may retrace further from the level, as the price struggles around a flat 20 SMA whilst the technical indicators are now heading lower below their mid-lines”, says Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the price pressures a mild bearish 20 SMA whilst the indicators hold in neutral territory, lacking directional strength. All through the week, the pair has found buying interest in the 1.4740/50 price zone, and only a strong surprise to the upside coming from US employment data may favor a break through the level, and a continued bearish move in the pair during the following sessions”.
GBP/USD has dropped nearly half a cent from session highs and it is currently trading around 1.4815, virtually unchanged on the day. In the absence of shocking comments from the debate, Cable seems set for a consolidation phase ahead of the nonfarm payrolls report to be published tomorrow 12:30 GMT, with consensus pointing to a 244,000 job gain in March.
GBP/USD short-term technical levels
“In the short term, the 1 hour chart suggest the pair may retrace further from the level, as the price struggles around a flat 20 SMA whilst the technical indicators are now heading lower below their mid-lines”, says Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the price pressures a mild bearish 20 SMA whilst the indicators hold in neutral territory, lacking directional strength. All through the week, the pair has found buying interest in the 1.4740/50 price zone, and only a strong surprise to the upside coming from US employment data may favor a break through the level, and a continued bearish move in the pair during the following sessions”.