GBP/USD – 23.6% Fibo hurdle intact despite horrible US ADP data

US ADP data released today showed private sector added 156K jobs in April as opposed to 195K job additions expected by markets. Last month’s figure was 200K. Sharp slowdown in the job additions led to a bout of USD selling, although that was not enough to push GBP/USD back above 1.4549 (23.6% of 1.3835-1.4770). The spot currently trades around 1.4502 levels.

Support – 1.4460, 1.4436

Resistance – 1.4549, 1.4578

Cable’s failure near 1.4549 after horrible US data, followed by a fall back to 1.45 handle may have reinforced bears and could yield 1.4460-1.4440 levels.
On the higher side, 1.4549 needs to be breached if the pair has to test 1.4578-1.46 levels.