GBP/USD Trade Idea

GBP/USD has retreated after making a high of 1.5180 at the time of writing after release of  UK jobs data.

• UK Oct Claimant count Unemployment     change decreased to +3.3K vs Prev +4.6K but it is slightly less than forecast of +1.5K. The unemployment rate decreased to 5.3% compared to 5.4%.
   
• Sep average weekly earnings including bonus was at 3.0% compared to forecast of 3.2%. Wage growth is slightly a miss but it is still looking strong.
   
• Technically it is facing strong resistance around 1.5185 and break above targets 1.5230/1.5270.
   
• On the downside minor support is around 1.5130 and break below will drag the pair further down till 1.5080/1.5050.

It is good to buy at dips around 1.5145-50 with SL around 1.5120 for the TP of 1.5200/1.5225

Resistance                               

R1-1.5185

 R2-1.5230

R3- 1.5270

Support

S1- 1.5120

S2-1.5080

S3-1.5050