2 May 2014
GBP/USD falls to daily lows after US employment
FXStreet (San Francisco) - The GBP/USD is trading under pressure amid pro-dollar environment as the market is cheering April US employment report in the US.
The US created 288K new non farm payrolls in April, well above expectations and the highest increase since May 2010. Unemployment rate declines to 6.3% lowest since September 2008.
On the other hand, the labor force participation rate fell by 0.4 percentage point to 62.8 percent in April. Participation rate would explain the decline in unemployment rate.
GBP/USD sentiment
The Cable declined around 55 pips from 1.6875 to trade as low as 1.6820 post data. Currently, GBP/USD is trading at 1.6839, down 0.32% on the day, having posted a daily high at 1.6897 and low at 1.6822.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.
The US created 288K new non farm payrolls in April, well above expectations and the highest increase since May 2010. Unemployment rate declines to 6.3% lowest since September 2008.
On the other hand, the labor force participation rate fell by 0.4 percentage point to 62.8 percent in April. Participation rate would explain the decline in unemployment rate.
GBP/USD sentiment
The Cable declined around 55 pips from 1.6875 to trade as low as 1.6820 post data. Currently, GBP/USD is trading at 1.6839, down 0.32% on the day, having posted a daily high at 1.6897 and low at 1.6822.
The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bearish.