FxWirePro: GBP/USD declines sharply from Brexit high on weak UK jobs data, sell on rallies
Cable has put a minor stop for bullish trend continuing for past two week. The pair jumped almost more than 400 pips in this month on account of hopes of rate hike by BOE. The pair hits new 2108 high after breaking 1.434…
Cable has put a minor stop for bullish trend continuing for past two week. The pair jumped almost more than 400 pips in this month on account of hopes of rate hike by BOE. The pair hits new 2108 high after breaking 1.4345 and jumped till 1.43766.GBPUSD declined sharply after slightly weaker than expected UK jobs data. It is currently trading around 1.41264.
The latest UK employment report shows that wage growth came slightly weaker than expected. It came at 2.8% compared to forecast of 3%. The decline in wage growth will reduce chance of rate hike by BOE.
The near term resistance is around 1.4380 and break above will take the pair till 1.4445/1.5000.
It is good to sell on rallies around 1.4335-380 with SL around 1.4380 for the TP of 1.4260/1.4220.
