Better US jobs report sends the pair lower
The GBPUSD has moved sharply lower off the better-than-expected US jobs report. Looking at the daily chart, the price is heading toward the prior lows for the week and also some key technical support targets. The low for the week came in on Monday at 1.51693. The low on Tuesday was just above that at 1.51789. In between those 2 levels are the 100 day moving average and the 50% retracement of the move up from the April 2015 low to the May 2015 high. Those levels come in at 1.51683 and 1.51913, respectively.
The low today has only gotten down to 1.5215, but price action remains near those low levels. A move lower and a test of these key support levels will likely continue to attract patient buyers (profit taking) with stops on a break below.
Looking at the 1 minute chart, the correction high off the initial push lower came in at 1.52886. The 38.2 to 50% retracement of the move currently comes in at 1.52438 to 1.5252 and that will be eyed as topside resistance now.
