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GBP/USD Prices Range Ahead of NFP Data

GBP/USD Prices Range Ahead of NFP Data

2016-05-05 13:20:00
Walker England, Forex Trading Instructor
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Talking Points

  • The GBP/USD Continues to Consolidate After News
  • Traders Wait for NFP Data, Expectations Set at 200k
  • SSI Reads Negative -1.001, as Market Sentiment Remains Split

GBP/USD prices have been trading inside of today’s 60-pip pivot range ahead of this morning’s initial jobless claims data. Expectations for this morning’s event were set at 261K and released at 274k. Currently, prices are trading back below range resistance, which is marked in the graph above at the R3 pivot at a price of 1.4522. If prices remain below range resistance, traders may look for the GBP/USD to again traverse today’s the pivot range back to support found at the S3 pivot at 1.4462.

GBP/USD 30 Minute Chart

GBP/USD Prices Range Ahead of NFP Data

(Created using Marketscope 2.0 Charts)

What’s next for the US Dollar? Find out more with our analysts Free forecast!

If prices continue to decline from resistance, traders may look for a continued bearish move below today’s S4 pivot point at 1.4482. A move to this point would be significant, as it would mark the second bearish breakout this week. In this scenario, traders may use a 1X extension of today’s pivot range to find initial bearish targets near 1.4422. Alternatively, a breakout above the R4 pivot at 1.4552 may expose potential bullish targets near 1.4612.

Find out real time sentiment data for the GBP/USD with the DailyFX’s sentiment page.

Traders should remember that tomorrow also marks another important data release for US Dollar pairs. Tomorrows NFP, (Non-Farm Payrolls) event has expectations set at 200k, and any deviation from this value has the potential to drastically increase volatility for US Dollar pairs. Traders looking to gauge market sentiment going into this event should note that SSI (speculative sentiment index) for the GBP/USD currently reads at a neutral -1.001. With positioning being a near virtual split, traders may look to confirm any new directional moves with a move in SSI to either a new negative or positive extreme.

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