GBPUSD falls to new session lows

Technical Analysis

Author: Greg Michalowski | gbpusd

USD moves higher after jobs report

The GBPUSD has moved to a new session low as the dollar gets a boost after the US jobs report showed a surprise tumble and the unemployment rate to 8.4% (estimate 9.8%). 

Looking at the hourlly chart, the price high on the current bar has seen a stall at the 200 hour MA (green line) at 1.32777. That is a bearish tilt for the pair.  The price is also below the 50% at 1.32672.  The high corrective price after the jobs report reached 1.3263.  

On the downside, the pair is approaching the 61.8% of the move up from the August 24 low at 1.32166. Below that level, the pair will target a lower trend line connecting the lows from this week at 1.31957.  Watch that level for potential profit taking with stops on a break below.
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