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8 Mar 2013
Forex: GBP/USD plunges as NFPs roar
Having climbed from its opening low below 1.5000, GBP/USD climbed throughout today's European session, posting a morning high at 1.5047 prior to today´s NFPs.
However, today´s numbers came in 236k against expectations of 160k, shattering analyst expectations, while US unemployment fell back to 7.7% against expectations of 7.9%. The immediate reaction has seen a nosedive for Cable, with spot falling back to post a low at 1.4884. In the near term reaction, spot has bounced back higher to trade around 1.4910 and whether the downside is extended remains to be seen. Hourly RSI too has taken a dive, dipping sharply to 32, with a clear downward momentum.
However, today´s numbers came in 236k against expectations of 160k, shattering analyst expectations, while US unemployment fell back to 7.7% against expectations of 7.9%. The immediate reaction has seen a nosedive for Cable, with spot falling back to post a low at 1.4884. In the near term reaction, spot has bounced back higher to trade around 1.4910 and whether the downside is extended remains to be seen. Hourly RSI too has taken a dive, dipping sharply to 32, with a clear downward momentum.