GBPUSD DOWNSIDE TO ACCELERATE BELOW 1.3938
The British pound has moved sharply lower against the U.S dollar, following weaker than expected jobs data from the United Kingdom economy. The official UK unemployment rate moved higher for the first time in nearly two-years, causing the GBPUSD pair to tumble back towards the key 1.3930 support level. The macroeconomic calendar remains busy during the U.S trading session, with the release of the U.S Manufacturing PMI and BOE Governor Mark speaking during the UK Inflation Report Hearing.
- The GBPUSD pair remains strongly intraday bearish below the 1.3938 level, with further downside towards 1.3901 and 1.3835 increasingly likely.
- Should GBPUSD price-action hold the 1.3938 support level, buyers attempt to push price-action back towards the 1.3980 and 1.4000 resistance levels.