10:18, 08 May
Yesterday, Bank of England held interest rates and QE program steady. The pair was under selling pressure yesterday and recovered from near of main support level. Today all eyes will be on U.S.’ labor data. Especially non-farm payrolls and unemployment rate will be important for the markets.
We follow 1.2420 as a resistance level. We think that this level can give a selling opportunities. If the pair breaks 1.2420 resistance level, then the 1.2470 would be tested.
Resistance levels: 1.2420 – 1.2470 – 1.2500
Support levels: 1.2360 – 1.2330 – 1.2300