ForeCastle

GBPUSD intra-day price (M5 timeframe) broke key support level for 100 pips lower during the NFP news events:

• "The GBPUSD is currently rebounding off its daily lows after declining during today’s NFP (Non-Farm Payrolls) event. NFP figures were expected to be released at +190k; however, these expectations were missed with a total of 151k. Initially major pairs declined against the US Dollar. As seen above, the GBP/USD is still trading below todays S4 Camarilla pivot point at 1.4511. If the pair continues to fall, traders may extrapolate today’s 77 pip trading range to place initial bearish targets at 1.4434."
• "In the event of a bullish price reversal, the GBP/USD will first need to rebound above 1.4550. This area on the chart represents range support, and a move here would suggest a change in the present bearish market conditions. With today’s S3 pivot being found at 1.4550, range resistance is conversely found at the R3 pivot at a price of 1.4625."

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