• GBP/USD added to its heavy intraday losses and refreshed daily low in reaction to stellar NFP report.
  • The US economy added 467K new jobs, while Average Hourly Earnings posted a strong MoM growth.
  • The risk-off mood further benefitted the safe-haven greenback and contributed to the intraday slide.

The GBP/USD pair continued losing ground through the early European session and dived to the key 1.3500 psychological mark following the release of the US employment report.

As investors digested the hawkish Bank of England, the GBP/USD pair witnessed some profit-taking slide on Friday and snapped five days of the winning streak to a two-week high. The intraday selling picked up pace after the headline NFP print smashed market expectations and showed that the US economy added 467K jobs in January.

Adding to this, the previous month's reading was also revised sharply higher from 199K reported earlier to 501K. Moreover, Average Hourly Earnings posted a strong 0.7% MoM and 5.7% YoY growth, which helped offset an unexpected uptick in the US unemployment rate and provided a much-needed respite to the US dollar bulls.

Apart from this, the prevalent risk-off mood – as depicted by a generally weaker trading sentiment around the equity markets – prompted aggressive short-covering around the safe-haven buck. This, in turn, was seen as a key factor behind the GBP/USD pair's latest leg of a sudden fall over the past hour or so.

Technical levels to watch

GBP/USD

Overview
Today last price 1.3548
Today Daily Change -0.0044
Today Daily Change % -0.32
Today daily open 1.3592
 
Trends
Daily SMA20 1.3563
Daily SMA50 1.3433
Daily SMA100 1.3513
Daily SMA200 1.3713
 
Levels
Previous Daily High 1.3628
Previous Daily Low 1.3538
Previous Weekly High 1.3566
Previous Weekly Low 1.3358
Previous Monthly High 1.3749
Previous Monthly Low 1.3358
Daily Fibonacci 38.2% 1.3594
Daily Fibonacci 61.8% 1.3572
Daily Pivot Point S1 1.3544
Daily Pivot Point S2 1.3496
Daily Pivot Point S3 1.3454
Daily Pivot Point R1 1.3634
Daily Pivot Point R2 1.3676
Daily Pivot Point R3 1.3724

 

 

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