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On Monday the Pound could slide to 1.5092

On Friday traders and investors carried on buying the Yankee dollar. The dollar’s growth hastened after 15:30 EET, when the USA put out strong data on its labor market.

February non-farm payroll employment in the US increased by 295,000 compared to a forecasted 240,000 increase. The January values for this indicator were reassessed from 257,000 to 239,000. The unemployment level dropped from 5.7% to 5.5%, whilst it was forecasted to be 5.6%. The average hourly wage increased by 0.1%, although forecasted to be 0.2%, previous 0.5%.

Over the last trading day the pound lost 207 points (1.36%) against the dollar. After the data came out the GBPUSD spiked down below the D3 line.  The price won’t be there for long. At 5:55 EET the pound was trading around 1.5059. On Monday I’m waiting for the pair to make a corrective movement towards 1.5092. If the level will be achieved within 3-4 hours after the market opening in Europe, then it’ll be worth waiting for a growth to the LB line. My limit was 45 degrees.

Attention:

Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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