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AUD/USD, GBP/USD Still Ripe with Potential After UK Jobs, Chinese GDP

AUD/USD, GBP/USD Still Ripe with Potential After UK Jobs, Chinese GDP

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- GBPJPY, GBPUSD burst higher on tremendous UK jobs data.

- AUDUSD unfazed by better than expected Chinese GDP.

- Several US data releases, Bank of Canada rate decision mark forex economic calendar.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

Significant economic data from across the globe flashed across traders screens today, provoking large moves in some currencies and surprisingly muted reactions in others.

The GBPUSD achieved a retest of its yearly high as expected per yesterday's report, but the real question is now whether or not a breakout towards 1.7000 is in the cards. GBPJPY is working on breaking its streak of four lower highs dating back to the December 2013 high, and failure here would be a tell-tale sign of a maturing bull market.

For the AUDUSD, there was a rather muted reaction on the better than expected (but still deteriorating) Chinese GDP figures, so it seems that any relief has been offset by the disappointment that additional stimulus is now more distant of a possibility. Regardless, the AUDUSD is maintaining price above a key breakout level as it works off an overbought condition on a medium-term timeframe - see the video for levels.

Read more: GBP/JPY, GBP/USD Set for Test of Highs or Major Breakdown

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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