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Forex: GBP/USD climbs to 1.5300 ground after US employment

FXstreet.com (Barcelona) - US employment data triggered a jump in the GBP/USD from below 1.5250 to 1.5327 high. Resistance at 1.5325 is limiting further gains and profit taking pulled the pair to the 1.5300 mark. This movement came from weakness of the greenback due to the very disappointing nonfarm payrolls report.

The March NFP came in much lower than the expected 200K, pointing to 88K added jobs. However, the February data was revised higher, from 236K to 268K. US average hourly earnings came in at 0.0% (consensus of 0.2%) and average weekly hours at 34.6 (consensus of 34.5). The unemployment rate in the US dropped unexpectedly from 7.7% to 7.6% in March. The US trade deficit narrowed from $-44.45B to $-43.00B (consensus of $-44.60B).

“The reversal at 1.5030 initiated a fast impulse all the way up to 1.5260 resistance. My outlook here is bullish, for a break through 1.5260, en route to 1.5350”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to a slightly bearish intraday bias, but the corrective slide from 1.5244 should be limited above 1.5165 support area.

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