IFC Markets - Analytics

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    GBP USD Technical Analysis

    Non-Farm Payrolls day

    Today at 14:30 CET Non-Farm Employment Change will be issued by the US Department of Labor. The indicator evaluates m/m dynamics of new jobs, appearing in non-farm sector, and has an essential effect on consumer spending and investment attractiveness. Significantly, the indicator becomes public among the first ones and has a mid-term (up to a week) market impact. Unemployment rate will be announced simultaneously. This indicator has a long-term impact on the market and presents a particular interest for institutional investors. The tentative outlook for both indicators is negative. We expect the data publication to make the dollar more volatile against to the most liquid currencies.

    GBP/USD

    Let us take another look at the GBP/USD currency pair on the H4 chart. The price crossed the daily resistance line and shaped a narrow ascending channel, which allows taking advantage of the probable profit/loss ratio. The Parabolic is moving along the H4 trend line and confirms it. There is no contradiction from the RSI-Bars oscillator either. A pending buy order may be placed above the fractal resistance level at 1.53459. Stop loss may be placed below 1.51589, since this level is confirmed by the Parabolic and the Donchain channel lower boundary. Conservative traders are recommended to wait for the oscillator confirmation. The 78.5582% resistance mark can be considered as an important breach level. After pending order activation, Stop loss is to be moved every four hours near the next fractal low, following Parabolic signals. Thus, we are changing the probable profit/loss ratio to the breakeven point. If the price meets stop loss level without reaching the order, we recommend canceling the position: market sustains internal changes that were not considered.

     

    Position Buy
    Buy stop above 1.53459
    Stop loss below 1.51589

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