GBP/USD holds steady above mid-1.4100s post-ADP
|The GBP/USD pair extended its steady climb from session lows and had a rather muted reaction to the ADP report.
The pair retreated around 15-pips, albeit quickly recovered back to the 1.4175-80 region, after the latest ADP National Employment Report showed that private-sector employers added 234,000 new jobs in January, down from December's 242,000 (revised lower).
The headline figure was much better than consensus estimates pointing to a reading of 185,000 but did little to improve the prevailing bearish sentiment surrounding the US Dollar.
Today's US economic docket also features the release of employment cost index, Chicago PMI and pending home sales, but again is likely to be overshadowed by pre-Fed repositioning trade.
Traders might continue to refrain from placing any fresh bets and prefer to wait on the sidelines ahead of the highly anticipated FOMC decision, due to be announced later during the NY trading session.
Technical levels to watch
On a sustained move beyond 1.4170 level, the pair is likely to head back towards reclaiming the 1.4200 handle before eventually darting towards 1.4235 supply zone. Alternatively, weakness back below the 1.4145-40 region might now turn the pair vulnerable to break below the 1.4100 handle and drop towards retesting 1.4045-40 support area.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.