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Today, the sterling has continued to fall as data from Britain’s construction sector has added to the subdued outlook for the economy just about 2 months before the June 23 Brexit referendum.
Jayne-Anne Gadhia, the first female CEO of a publicly listed British bank, has stated today that the best choice for the UK economy was for Britain to stay in Europe. Moreover, Thursday’s services sector PMT survey might put more downward pressure on the sterling, based on market expectations for a soft number.
In the US, the ADP National Employment Report, reported that the US private sector added 156,000 jobs from March to April, lower than the forecast reading of 205,000. The pace and size of job creation is an important indicator of US economic health as it accounts for a majority of US economic activity through consumer income and spending.
The ISM Non-manufacturing PMI was also released at 55.7, beating the market expectations for a reading of 54.9 and indicating an economic expansion. The index has been in an up-move for 75 consecutive months, reaching 55.7 from March’s 54.5.
US jobless claims to be released later today, are expected to reach 261,000, up 2.72% in comparison with 257,000 in March. The number of unemployed people is one of the leading indicators for the economy as consumer spending is highly related to labour market conditions. This is also a critical factor that has an effect on the country’s monetary policy.
The market is also awaiting the April non-farm payrolls data,that is to be released on Friday. The NFP measures the change in the number of employed people during the previous month, excluding the farming industry. The “new jobs created” number is expected to be 203,000, down 5.91% compared with the month before.
Fig. GBPUSD D1 Technical Chart
GBPUSD has been going down for 3 consecutive days, from the resistance level 1.47769. The pair is now trading around 1.44605. RSI is now heading downwards from the current level of 53, suggesting a strengthening bear market. It is likely that the price may hit the support level at 1.42293 before pulling back and continuing the overall up-move, as seen in the support from the green parabolic SAR band below.
Buy Digital Call Option at 1.42293 valid until April 29, 2016
Buy Digital Put Option at 1.44605 valid until April 29, 2016