FxWirePro: GBP/USD declines on weak UK employment data, market eyes BOE
Cable has declined slightly after showing a minor jump till 1.33682 at the time of writing on account t of weaker than expected UK jobs data. UK claimant counts rose 5.9k compared to forecast of 3.2k. But average weekly …
Cable has declined slightly after showing a minor jump till 1.33682 at the time of writing on account t of weaker than expected UK jobs data. UK claimant counts rose 5.9k compared to forecast of 3.2k. But average weekly earnings slightly rose to 2.3% vs forecast of 2.2% but still well below inflation 3.1%. The pair declined till slightly after a sudden spike and is currently trading around 1.33468.
Market await BOE monetary policy meeting and US FOMC meeting for further direction.
On the lower side, near term support is around 1.3300 and any break below will drag the pair to next level till 1.3225/1.3175. Short term bullish invalidation only below 1.30280.
The near term resistance is around 1.3550 and any break above will take the pair to next level till 1.3600/1.3680. The minor resistance is around 1.3380/1.3435.
It is good to buy on dips around 1.3300 with SL around 1.32300 for the TP of 1.3545/1.3600.
