Forex Pros – The pound's four day rally against the U.S. dollar stalled on Wednesday at 1.5187, in the wake of a disappointing U.S. jobs report and amid losses on global stock markets.
After GBP/USD hit 1.5187 during European afternoon trade, an 8-day high, the pair pulled back to 1.5132, still gaining 0.43%. Cable was likely to find resistance at 1.5382, the high of March 17, and support at 1.4781, the low of March 1.
Earlier in the day, the data processing firm ADP said nonfarm U.S. jobs decreased by 23,000 from February to March on a seasonally adjusted basis. Economists had expected an increase of 40,000 jobs.
Sterling also pared gains against the yen, meanwhile, with GBP/JPY retreating from a 5-week high at 141.7 to consolidate around 140.86, still advancing 0.75%.
