GBP/USD fails to sustain NFP-gains, hits fresh lows

By FXStreet GBP/USD spiked to daily highs and quickly fell to fresh 10-day lows as the knee-jerk reaction to US nonfarm payrolls data, but finally settled around mid-range.

Nonfarm payrolls showed US economy added 160K new jobs in April, below the 200K expected, while previous months’ gains were downwardly revised.

GBP/USD spiked to 1.4543 as the dollar weakened initially, but failed to sustain gains and slid to a low of 1.4422 son after. At time of writing, Cable was trading at 1.4458, 0.18% below its opening price.

GBP/USD levels to watch

In terms of technical levels, next supports are seen at 1.4422 (May 6 low), 1.4377 (100-day SMA) and 1.4313 (Apr 22 low). On the upside, immediate resistances could be found at 1.4543 (May 6 high), 1.4570 (May 4 high) and not much until 1.4695 (May 2 high).
For more information, read our latest forex news. …read more

Source:: FX Street