GBP/USD Makes a Fresh Low on the Year

GBP/USD Makes Fresh Low on Year

The GBP/USD has been consolidating since mid-November when it made a low on the year around 1.5585. After today’s NFP data, the pair looks like it is ready for bearish continuation as it cracks the consolidation support into a new low on the year.

NFP data at 321K for November bested the 231K forecast and October’s 243K reading. Average hourly earnings also grew 0.4%, exceeding forecasts of around 0.2%, and October’s 0.1% print. Job growth and hourly earnings growth is giving the USD a boost and the GBP/USD is cracking a consolidation range support. A hold below 1.5650 would maintainĀ a bearish outlook, while a breakĀ above 1.57 at this point might invalidate it.

To the downside, we have the 1.55 handle, then the 1.5427 support/resistance pivots from 2010 in sight.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at