Sasha Singh
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GBP/USD: Will Continue Downtrend or Reverse?

Earlier in my post regarding GBPUSD I referred the 50 day SMA and 100 day SMA which were acting as support for the pair. Today GBPUSD broke this support after the weak unemployment data of UK released. The unemployment rate in UK ticked up to 7.2% in the period of three months till December from 7.1% in the previous three months period.The pair should find the support at 1.6641 and move back in upward direction. If it breaks this support level as well the pair will find the next support levels at 1.6620 and 1.6598. However US data (Building Permits and PPI) which is coming out at 8:30 AM EST will also affect further movement of the pair. If the data is strong the pair might fall further whereas if the data is weak the pair will find support and move in upward direction. Later today FOMC meeting minutes are coming out at 2 PM EST.