Wednesday, September 30, 2009
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Today Latest Market Update :-
Forex: ADP employment lost 254k jobs; GBP/USD falls to 1.6050
After reaching 1.6125, intra-week high, ahead the ADP employment report, GBP/USD has fallen following worst than expected data in September, pair has reacted down and it is trading below 1.6050.
ADP employment in United Stated has lost 254k jobs in September, worst than 200k decreases expected by market but below of 298k losses in August.
Current appreciation is corrective in nature, according to Karen Jones, technical analyst at Commerzbank, who warns about the possibility of a reversal from current levels: "We look for near term corrective rebounds to ideally remain capped by 1.6110/50 (break down point for the top pattern) and while capped here the immediate outlook remains negative."
On the downside, Jones sees the Pound targeting 1.5690/10: "We continue to target initially 1.5690/10 (Fibonacci retracement and the 55 week ma) and then 1.5270. Slightly longer term it should be noted that the top measures to 1.5135."