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Cable gapped up when UK election exit polls were released at 21:00 GMT yesterday, the hour which marks the start of the new (US session close based) daily candle. The pullback was quickly bought and the pair continued higher overnight as results were trickling in and confirming exit polls. It was unable to decisively break above 1.55 and subsequently sold off to 1.54 before NFP report.
The most important and watched US economic report was mixed but solid:
Non-Farm Employment Change: 223K vs. 224K expected, 85K previous (revised down from 126K)
Unemployment Rate: 5.4% vs. 5.4% expected, 5.5% previous
Average Hourly Earnings m/m: 0.1% vs. 0.2% expected, 0.2% previous (revised down from 0.3%)
The end result is slightly bullish for the pair with the daily range worth almost 300 pips. After bounce in NFP, the risk for the next week is that the post-exit-poll gap would be closed before we would see further indications of direction.
The most important and watched US economic report was mixed but solid:
Non-Farm Employment Change: 223K vs. 224K expected, 85K previous (revised down from 126K)
Unemployment Rate: 5.4% vs. 5.4% expected, 5.5% previous
Average Hourly Earnings m/m: 0.1% vs. 0.2% expected, 0.2% previous (revised down from 0.3%)
The end result is slightly bullish for the pair with the daily range worth almost 300 pips. After bounce in NFP, the risk for the next week is that the post-exit-poll gap would be closed before we would see further indications of direction.
