FxWirePro: GBP/USD declined slightly after lower UK wage growth, good to sell on rallies
Cable has shown a further decline after UK jobs data. UK Jobless rate remains at 4.3%, lowest since 1975. The number of people claiming unemployment benefits increased to 1.7K compared to forecast of 1K. But wage growth …
Cable has shown a further decline after UK jobs data. UK Jobless rate remains at 4.3%, lowest since 1975. The number of people claiming unemployment benefits increased to 1.7K compared to forecast of 1K. But wage growth shown a minor jump but still below inflation. Pound sterling hits intraday low of 1.3140 on weak wage growth.
The near term major resistance is around 1.3225 (34- day EMA) and any break above will take the pair to next level till 1.3300/1.3325 (20- day MA)/1.3400. The minor resistance is around 1.3180.
On the lower side, 1.3180 will be acting as major support and any break below will drag the pair down till 1.3120/1.30750 level. Bearish continuation can be seen only below 1.3030.
It is good to sell on rallies around 1.3200 with SL around 1.3250 for the TP of 1.3120/1.3075.
