Forex: GBP/USD rebounds at 1.6515 and rises to 1.6575

Fri, Nov 6 2009, 14:29 GMT
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FXstreet.com (Córdoba) – Cable tumbled to 1.6515, posting a fresh intra-day low, following Non-Farm payrolls data. GBP/USD rebounded and rose to 1.6275, a few pips below the price it had before the release of the information. Currently the pair trades at 1.6560/70, 0.10% below today’s opening price.

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).

Against the Euro, Cable ius trading at the lowest level of the day. EUR/GBP rose to 0.8980, daily high but then pulled back. The pair is still moving sideways, with no clear trend for the day and currently trades at the same level it had at the beginning of the day.

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.

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