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Old 03-10-2017, 02:40 AM
AppleFX AppleFX is offline
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Default Re: Economic and company news by ForexMart

GBP/USD Fundamental Analysis: March 10, 2016

The GBP/USD pair did not exhibit that much activity yesterday as compared to the EUR/USD pair, with the euro taking mostly of the spotlight and the sterling pound merely benefitting from the action taking place within the euro. However, in spite of the pair’s lack of action, the GBP/USD pair was able to rise from its bottom rung and has managed to create some modicum of strength for itself.

The GBP/USD pair was previously consolidating within its lows of 1.2100 points and looked none for the worse, but since the USD had an ambiguous trading day yesterday as well as the euro, this has helped the sterling pound to rise towards 1.2150 and went close to breaking through 1.2200 before finally settling at just under that particular range. The GBP/USD pair had a very positive close during the previous session but the pound is not yet out of danger as the NFP is scheduled to be released today, with the NFP report expected to cough up some very positive numbers. This might then cause the pound to bounce slightly which could be met by a lot of selling, thereby making the bulls somewhat wary of investing into the currency pair.

Although the UK will be releasing its manufacturing data later today, this data would most likely be dwarfed by the NFP report. The support levels for the pair could possibly come in at 1.2100 while the resistance barrier for the pair could possibly be at 1.2200 points. If the pair manages to surpass 1.2200 after the release of the NFP report, then the currency pair could possibly be subject to added pressure in the coming days.
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