5 Aug 2015
ADP Reaction: GBP/USD tests 1.5650 resistances after weak data
FXStreet (New York) - The British Pound is extending its rally from 1.5525 against the US Dollar following the weak ADP employment report that showed a lower than expected number in July. GBP/USD is now testing the 1.56.50 area.
Ugly ADP report with 185K new private payrolls in July, well below the 215K expected by market. In addition, June data was revised 8K down from 237K to 229K. The dollar got a hit.
Currently, GBP/USD is trading at 1.5644, up 0.53% on the day, having posted a daily high at 1.5653 and low at 1.5526. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD levels
If the pair breaks above 1.5600, it will find next resistances at 1.5675 and 1.5690. To the downside, supports are at 1.5620, 1.5600 and 1.5570.
Ugly ADP report with 185K new private payrolls in July, well below the 215K expected by market. In addition, June data was revised 8K down from 237K to 229K. The dollar got a hit.
Currently, GBP/USD is trading at 1.5644, up 0.53% on the day, having posted a daily high at 1.5653 and low at 1.5526. GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
GBP/USD levels
If the pair breaks above 1.5600, it will find next resistances at 1.5675 and 1.5690. To the downside, supports are at 1.5620, 1.5600 and 1.5570.