FxWirePro: GBP/USD declines sharply as real wages fall again, good to sell on rallies
Cable shown a huge sell off after hitting a high of 1.27935 on account of weaker than expected U.K jobs data. The pair hits the low of 1.27257 at the time of writing. It is currently trading around 1.27414. UK workers ea…
Cable shown a huge sell off after hitting a high of 1.27935 on account of weaker than expected U.K jobs data. The pair hits the low of 1.27257 at the time of writing. It is currently trading around 1.27414.
UK workers earnings after inflation contracted at the fastest pace since 2014.UK normal earnings excluding rose by 1.7% Y-O-Y against expectations of 2%.
On the lower side the pair near term support is around 1.2614 and any break below will drag the pair till , a decline till 1.2585/ (200- day MA)/1.2470 (61.8% retracement of 1.21088 and 1.30470) likely.
The near term minor resistance is around 1.2780 (support turned into resistance) and any break above will take the pair till 1.2840 (50% retracement of 1.30476 and 1.26359)/1.2880 (21 EMA). The pair should break above 1.3050 for further bullish continuation.
It is good to sell on rallies around 1.2745-50 with SL around 1.2805 for the TP of 1.2635/1.2600.
