GBP/USD looks for support

Source: Dukascopy Bank SA


The Bureau of Labor Statistics has published the Non-farm Employment Change, Average Hourly Earnings and the Unemployment Rate. The data has been abysmal. The data reveals that the US economy is not doing well, as the Chairman of the Fed stated on Thursday. The economy is declining. A declining economy might need interest rate cuts.

Non-farm Employment Change was forecast to show 238,000 new jobs created. Actual numbers is just 175,000. Average Hourly Earnings were expected to show an increase of 0.3%. Wages have increased just 0.2%. The Unemployment Rate has not remained at 3.8%. It has moved back to 3.9%.

After the initial sharp pop upwards, profit taking appeared to be taking place, as the GBP/USD retraced to the support of the 1.2535/1.2540 range. This range had acted as resistance at the start of the month. Moreover, the support range was strengthened by the 50 and 100-hour simple moving averages.

A resumption of the surge would most likely face resistance in the 1.2600 and 1.2700 levels. Moreover, it is expected to be slowed down by weekly simple pivot point, as the rate has respected them in the past.

Meanwhile, a potential decline would have to pass the 50, 100 and 200-hour simple moving averages, before a decline reaches the 1.2460 level. Further below, the 1.2400/1.2420 range is set to act as support.
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