In the United States, the highly anticipated Nonfarm Payrolls surprised many by yielding a figure of 171K in October, beating consensus expectations of only 125K, and up from 148K in the previous month. With regards to employment, always a key indicator this close to the US election within the week, the Unemployment Rate (October) stood at 7.9%, which matched estimates. Finally, Average Hourly Earnings (YoY) grew only +1.6% in October, which slightly missed projections calling for a figure of +1.7%.
According to the technical analyst team at ICN.com, The GBP/USD is negatively influenced by touching the solid resistance of the 1.6180 mark yesterday, as the pair continued to move lower during the previous session and is currently re-attacking 23.6% Fib of the CD leg of the bearish harmonic formation. Moreover, the current bearish tendencies attract us to join bears, though not before clearing SMA 50 which is valued at 1.6025.”
After toppling through calculated support at 1.6075, the GBP/USD is presently testing support in the area of 1.6050, however a break below this will expose 1.6025. On the ascension, resistances are noted at 1.6125, then 1.6165, and finally 1.6180.