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GBP/USD Deeper Drop Activated

GBP/USD is trading lower right now as the USD remains strong after today's US economic figures. It has dropped below important support levels, so it could drop towards fresh new lows.

Traders are optimistic ahead of the US Non-Farm Payrolls release. The indicator is expected around 725K versus 559K, while the Unemployment Rate is expected to drop from 5.8% to 5.6%.

GBP/USD Extends Its Sell-Off


GBP/USD has managed to confirm its breakdown through the 1.3823 - 1.3802 zone and now is below the weekly S1 (1.3770).

Its failure to reach the upper median line (uml) of the descending pitchfork signaled a potential drop towards the median line (ml). The median line (ml) acts as a magnet and attracts the price.


Its breakdown below 1.3802 and under the S1 could signal a drop towards the median line (ml) and down to the 1.37 psychological level.

The material has been provided by InstaForex Company -