FxWirePro: GBP/USD trades weak on soft jobs data, good to sell on rallies
Major Resistance – 1.3230 (double top). Cable slides sharply after a minor jump till 1.32136 on weaker than expected UK jobs data. The pair has made a temporary low at 1.30618 yesterday and shown a minor jump. It is curr…
Cable slides sharply after a minor jump till 1.32136 on weaker than expected UK jobs data. The pair has made a temporary low at 1.30618 yesterday and shown a minor jump. It is currently trading around 1.31585.
UK economy has added 1.1k in this month compared to forecast of 2.0k and wage growth came at 2.2% compared to previous month at 2.1%. Wage growth has slightly increased but still below inflation.
The pair hits intraday low of 1.31340 and shown a minor jump till 1.31596. The pair should close above 1.3230 for further bullishness. Any daily close above 1.3230 (61.8% retracement of 1.3320 and 1.30390) will take the pair to next level till 1.3300/1.3380. Short term bearish invalidation only above 1.3230.
On the lower side, near term support is around 1.31300 and any break below will drag the pair to next level till 1.3100/1.3060/1.30270.
It is good to sell on rallies around 1.3175-80 with SL around 1.32300 for the TP of 1.3000/1.2925.
