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1 May 2013
Forex: GBP/USD closer to 1.5600 after weak US ADP
FXstreet.com (Barcelona) - On the release of US ADP employment data, the GBP/USD is extending its gains and is just a few pips away from the 1.5600 psychological level, quoting at 1.5996 high.
The US ADP employment report came in lower than expected, at 119K in April instead of the 150K expected, also with the March figure being revised lower from 158K to 131K. Next in line is US manufacturing PMI in April. Mortgage applications in the US have risen 1.8% in the week ending at April 26, following a 0.2% improvement in the prior week.
“Near-term studies remain positive and keep the next target at 1.5605, 50% retracement of 1.6380/1.4830 downleg in play. Any violation of 1.5500 support would delay bulls for further correction towards 1.5465, yesterday’s low, while loss of 1.5410 would revive bears”, wrote Windsor Brokers analyst Slobodan Drvenica.
The US ADP employment report came in lower than expected, at 119K in April instead of the 150K expected, also with the March figure being revised lower from 158K to 131K. Next in line is US manufacturing PMI in April. Mortgage applications in the US have risen 1.8% in the week ending at April 26, following a 0.2% improvement in the prior week.
“Near-term studies remain positive and keep the next target at 1.5605, 50% retracement of 1.6380/1.4830 downleg in play. Any violation of 1.5500 support would delay bulls for further correction towards 1.5465, yesterday’s low, while loss of 1.5410 would revive bears”, wrote Windsor Brokers analyst Slobodan Drvenica.