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7 Mar 2014
GBP/USD dips to low near 1.6700
FXStreet (Edinburgh) - The sterling is now printing fresh intraday lows, with the GBP/USD deflating to the 1.6715/10 area.
GBP/USD softer after Payrolls
After hitting weekly highs beyond 1.6780, the pair has not only given away initial gains but it is also trading in the negative ground following the upside surprise from February’s Payrolls (175K act. Vs.149K exp.). “Once more, job creations came in a soft tone. Admittedly, they are higher than during the previous two months, but the fact they did not bounce back leads us to believe that the weather was not a big driver of the December-January weakness. There is neither good nor bad news in today’s report, which leaves the better outlook unchanged. The tapering will go on”, commented Analyst Alexandra Estiot at BNP Paribas.
GBP/USD levels to consider
The pair is now retreating 0.11% at 1.6718 and a break below 1.6700 (psychological level) would accelerate the downside to 1.6697 (10-d MA) and then 1.6686 (low Mar.6). On the flip side, the initial resistance lines up at 1.6800 (psychological level) ahead of 1.6823 (2014 high Feb.17) and finally 1.6845 (high Nov.18 2009).
GBP/USD softer after Payrolls
After hitting weekly highs beyond 1.6780, the pair has not only given away initial gains but it is also trading in the negative ground following the upside surprise from February’s Payrolls (175K act. Vs.149K exp.). “Once more, job creations came in a soft tone. Admittedly, they are higher than during the previous two months, but the fact they did not bounce back leads us to believe that the weather was not a big driver of the December-January weakness. There is neither good nor bad news in today’s report, which leaves the better outlook unchanged. The tapering will go on”, commented Analyst Alexandra Estiot at BNP Paribas.
GBP/USD levels to consider
The pair is now retreating 0.11% at 1.6718 and a break below 1.6700 (psychological level) would accelerate the downside to 1.6697 (10-d MA) and then 1.6686 (low Mar.6). On the flip side, the initial resistance lines up at 1.6800 (psychological level) ahead of 1.6823 (2014 high Feb.17) and finally 1.6845 (high Nov.18 2009).