FxWirePro: GBP/USD recovers after better than expected UK jobs data, good to sell on rallies
GBPUSD has shown a good recovery in European session after release of UK jobs data. UK jobs data came slightly better than expected.UK economy has added 146000 jobs in the month of Apr and claimant count declined by 7700…
GBPUSD has shown a good recovery in European session after release of UK jobs data. UK jobs data came slightly better than expected.UK economy has added 146000 jobs in the month of Apr and claimant count declined by 7700 and wage growth has shown a minor decline. It hits high of 1.34187 and is currently trading around 1.33715.
The pair recovered sharply from low of 1.32043 made on May 29th 2018 and jumped nearly 200 pips from its low. The near term resistance is around 1.3390 (20- day MA) any break above will take the pair to next level till 1.3460 (trend line resistance)/ 1.3516 (34- day EMA)/1.3590. Short term trend is still weak as long as resistance 1.3620 holds. Any break above 1.3620 will take the pair till 1.3680/1.3760.
The major support is around 1.3300 and any break below will drag the pair down till 1.3230/1.3200.
It is good to sell on rallies around 1.3400 with SL around 1.3450 for the TP of 1.3305.
