Nonfarm payrolls props up dollar

The Nonfarm payrolls and unemployment rate was announced at 8:30 this
morning and it was better than expected. The consensus was predicting a
loss of 150,000 jobs but the report stated a loss of only 35,000. The
consensus was that the unemployment rate was going to rise to 5.1%
which was exactly what was reported. This is bad for Dollar Shorts. The
GBP/USD stands at 1.7633 for a 168 PIP loss since I bought it
yesterday. The Sterling is close to losing all of its Thursday’s
gains. 

I realize that entering a position yesterday evening was a bad idea for 2 reasons:
1)  The Sterling had gained 200 pips during the Japanese,
European, and US sessions.  It was overbought when I decided to
buy it.
2)  The smart traders were scaling back on their positions while awaiting the Payroll reports this morning.

-Walls

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