Since today’s opening, the USD is falling.
Friday’s data on the Non-Farm Payrolls for September from the US came out a lot worse than expected (142 thousands new jobs against forecasted 203 thousand) and the US dollar significantly fell. Markets expectations of the interest rate increase at the next Fed meeting on 28 October, therefore, substantially decreased.
Today, attention needs to be paid to the US data on the Markit Services PMI and ISM Non-Manufacturing Production for September that could pressure the pair if come out better than forecasts.
After the fall in the USD, traders should be careful when making trading decisions.
Support and resistance
The GBP/USD pair remains under the strong resistance at the level of 1.5230 (23.6% Fibonacci correction), the breakout of which would lead to a further growth towards the levels of 1.5320 (ЕМА144), 1.5360 (ЕМА200 on the 4-hour chart), 1.5390 (ЕМА50 on the daily chart), 1.5450 (ЕМА144), 1.5500 (ЕМА200 on the daily chart).
Otherwise, the pair continues falling towards 1.5100 (lower border of a downward channel on the daily chart), 1.4600 (year lows).
OsMA and Stochastic on the weekly and monthly charts give sell signals, while on the 4-hour and daily charts they signal purchases.
Support levels: 1.5130, 1.5100.
Resistance levels: 1.5230, 1.5320, 1.5360, 1.5390, 1.5450, 1.5500.
Short-term buy orders can be opened from current levels with the target at 1.5240 and stop-loss at 1.5200.
Long-term sell orders can be opened from the level of 1.5170 with the target at 1.5090 and stop-loss at 1.5220.