Well, technically, you did see a brief dip in the GBP/USD following the dramatically stronger-than-expected NFP report. However, as you can see in the 1H chart, the market supported GBP/USD immediately after the dip, defending the 1.71 handle.
The prospect of a 2014 BoE rate hike still looms in the mind of traders, while the rate hike projection for the FOMC struggles to stay mid-2015, and could be pushed back if Q2 GDP disappoints. The jobs data was a temporary save of USD sentiment, and needs more to build up. UK data has been building up the GBP by way of interest rate outlook, so the GBP/USD may still have room to rally as today’s price action is suggesting.
There are still a couple of challenges before breaking into bullish continuation. In the 1H chart, you see that the 50-day SMA is around 1.7150. If price stays south of this factor, the short-term outlook remains sideways, and maybe even slightly bearish, but within the context of a correction. A push above the 50-hour SMA puts the focus back at 1.7177. At this point the resistance will look fragile, and a breakout would be imminent.
On the compressed weekly chart, you can see that above 1.7177, the next level to monitor is 1.7337, which is 50% retracement of the dip from 2.1161 to 1.3514 (during the financial meltdown).
Then we can expect some consolidation around the 50% retraement, but if price can stay north of 1.70 on a correction, the 61.8% retracement at 1.8240 would be in play.
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