Technicals

Add as a preferred source on Google

FxWirePro: GBP/USD declines slightly on slight weak UK wage growth, good to sell on rallies

GBPUSD has halted its weakness after a huge sell off due to Brexit uncertainty. The pair has lost more than 500 pips in this month. It hits low of 1.27229 yesterday and shown a more than 100 pips jump. UK jobs data relea…

1 min read
FxWirePro: GBP/USD declines slightly on slight weak UK wage growth, good to sell on rallies
Image from the original EconoTimes article

Read the original article

GBPUSD has halted its weakness after a huge sell off due to Brexit uncertainty. The pair has lost more than 500 pips in this month. It hits low of 1.27229 yesterday and shown a more than 100 pips jump.

UK jobs data released today was slightly better than expected. UK unemployment rate came at 4% the lowest level since 1970.But UK average earnings including bonus came at 2.4% slightly below estimate. The number of people claiming jobless benefits rose to 6.2k compared to forecast of 3.8k.

Technically ,the pair upside capped by 5 day MA at 1.2835 and any break above will take the pair 1.2875 (7- day MA)/1.2900/1.2938.

On the lower side, major support is around 1.27200 and any violation below targets 1.2660/1.2600.    

It is good to sell on rallies around 1.2825-30 with SL around 1.2875 for the TP of 1.2755/1.2725.

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560