GBP/USD down to 2014 lows as NFP fuels Dollar buyers; 1.6000 on focus

FXStreet (San Francisco) - The sterling is currently falling versus the US dollar as market is welcoming upbeat nonfarm payrolls data as they are buying the Greenback.

The GBP/USD fell 75 pips in a matter of minutes from 1.6080 to break below 1.6050 and to trade at 2014 lows at 1.6005. Currently, GBP/USD is trading at 1.6026, down 0.72% on the day, having posted a daily high at 1.6161 and low at 1.6005.

US created 248K new payrolls in September; well above expectations. Previous data was revised strongly up to 180K. Unemployment rate 5.9%; lowest since July 2008. Big BUT, participation rate down to 62.7; lowest since 1998

GBP/USD sentiment

GBP/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

Next frontier in the GBP/USD downside is 1.6000 ahead of 1.5980 and 1.5915. On the upside, resistances are at 1.6060, 1.6110 and 1.6160.