But it was right before the weak-ish number
The GBPUSD had a key target below in the 50% retracement of the move up from the June 4 low. The price bounced nicely off the level. The problem is the level was tested right before the NFP report was released and the price b-bounced right back higher. Someone is out there who sold right on support and saw it go fast break the other way seconds later. OUCH! Yes it does not always pay to trade right before a key release. Such are the risks from trading before an Unenjoyment report (err Unemployment report).
The good new about that level and now chart point is if we do head lower, it will make the level stick out even more. So thank you seller. Technicians love you.
What now? Well, the pair has joined the USDJPY and EURUSD in being more neutral/more choppy. Taking myself back and looking at the hourly chart...this week has seen a move below the yellow area in the hourly chart above which has housed a number of swing lows going back to June 17 (see blue numbered circles in the chart above). That area comes between 1.5667 ad 1.56819. The 100 hour MA is moving toward this area now and will be there in a few hours of trading. As a result, it should provide a cap going forward. Being below it is somewhat bearish, but....
...The 50% retracement holding below, is somewhat more bullish now.
So we sit between the two extremes.
If Carney is more wait and see on how Greece plays out, that leaves the Fed. Who knows what will happen when push comes to shove there. Sit tight traders.... Patience in times of uncertainty. Watch for 1.5644 today (the broken 38.2%. If the price can squeeze up there, perhaps it might be worth an early sell ahead of the yellow zone. The level also corresponded with the low price seen on Monday morning. Someone sold on that support level on Monday. That one hurt too. Be careful on these fib levels. They do matter...
