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11 Jun 2014
GBP surges on better than expected UK jobs numbers - FXStreet
FXStreet Chief Analyst Valeria Bednarik notes that the pound surged strongly against its American rival on better than expected UK employment figures showing unemployment fell to the lowest in more than five years, while unemployment rate decreased to 6.6% even better than expected.
Key quotes
“The GBP/USD surges near 1.6800 with the news, and the 4 hours chart show price advancing around 200 EMA and 20 SMA both around 1.6790, while indicators turned strongly north still below their midlines. ”
“The daily descendant trend line coming from this year high stands now at 1.6817, also yesterday’s high, acting as immediate resistance level to break to confirm further gains today: steady gains above 1.6820 should see the pair extending up to 1.6860 price zone, while if this last is taken, 1.6920 is next.”
“To the downside, 1.6770 is now the short term support to follow, and pullbacks to that level should see some buying interest surging. Yet if the support gives up, price will likely return to the daily lows around 1.6730.”
Key quotes
“The GBP/USD surges near 1.6800 with the news, and the 4 hours chart show price advancing around 200 EMA and 20 SMA both around 1.6790, while indicators turned strongly north still below their midlines. ”
“The daily descendant trend line coming from this year high stands now at 1.6817, also yesterday’s high, acting as immediate resistance level to break to confirm further gains today: steady gains above 1.6820 should see the pair extending up to 1.6860 price zone, while if this last is taken, 1.6920 is next.”
“To the downside, 1.6770 is now the short term support to follow, and pullbacks to that level should see some buying interest surging. Yet if the support gives up, price will likely return to the daily lows around 1.6730.”