Forex: GBP/USD: Pound plunges from 1.6585 to 1.6525 on weak payrolls data

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Published: Fri, 06 Nov 2009 14:51:00 +0100

Forex: GBP/USD: Pound plunges from 1.6585 to 1.6525 on weak payrolls data

FXstreet.com (Barcelona) - The Pound has extended its retreat from 1.6600 area on the back of weaker than expected U.S. Non-Farm payrolls data, with the pair hitting a session low at 1.6525 to bounce somewhat later to levels around 1.6550 at the moment of writing.

Initial support level for the Pound lies at 1.6510 and below here, 1.6465/75 (Nov 5 high/Nov 2 low) and 1.6400 (Nov 4 low). On the upside, resistance levels remain at 1.6600, and 1.6635 (Nov 5 high) and above here, next resistance would be 1.6695 (Oct 23 high)

U.S. non farm-payrolls have declined by 190,000 in October, somewhat above the 175,000 decline forecasted by the analysts, while the unemployment rate has risen 0.4% to 10.2%, the highest level in the last 26 years.

By Fxstreet.com

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