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1 Feb 2013
Forex: GBP/USD bounces following slightly soft NFP & Unemployment figures
GBP/USD has seen an initial bounce following generally in line NFP figures this afternoon, alongside higher US Unemployment figures.
US NFPs came in at 157k against expectations of 160k, and Unemployment climbed to 7.9% from 7.8% expected and previous. The pair made a high at 1.5878 this morning before collapsing to post a low at 1.5808. While there was a retracement back up to 1.5850, an element of downside pressure remained on the pair. Spots immediate reaction to the data has been to strengthen as the lack of improvement in the US economy indicates that easing measures are likely to be extended. Hourly RSI is at 49.3 and the 50 MA is providing some upside support to the pair.
US NFPs came in at 157k against expectations of 160k, and Unemployment climbed to 7.9% from 7.8% expected and previous. The pair made a high at 1.5878 this morning before collapsing to post a low at 1.5808. While there was a retracement back up to 1.5850, an element of downside pressure remained on the pair. Spots immediate reaction to the data has been to strengthen as the lack of improvement in the US economy indicates that easing measures are likely to be extended. Hourly RSI is at 49.3 and the 50 MA is providing some upside support to the pair.