GBP/USD declines after U.S. nonfarm payrolls reading
After macroeconomic reading of U.S. nonfarm payrolls, dollar strengthened. EUR/USD and GBP/USD declined, but a more interesting situation can be seen at GBP/USD. Nonfarm payrolls grew 151K in January, however that reading is almost 20% worse than the forecast. From the other side the unemployment rate edged down to 4.9% (which is also different from forecasts).
For more than a month price declined and 2 weeks ago rebound occurred. Current local high coincides with 50% Fibonacci retracement of previous downward movement. Last Wednesday bulls broke upper limit of bullish regression channel and today there is an attempt of return to its range. If price stays above 1.4500, 1st target for falls will be at 1.4400. Next goal for bears will be 1.4200, which is a lower limit of the channel. However, if upward movement returns and price stays above 1.4500, nearest resistances will be at 1.4560, 1.4600.
Time-frame H4
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