GBPUSD recovers on better than expected UK wage growth, markets eye Brexit Parliamentary vote

GBPUSD has halted its downtrend after declining more than 200 pips till 1.31845 yesterday. The pair shown a minor recovery of 15 pips after release of better than expected UK jobs data.UK jobless change for Feb came at 27k compared to forecast of 13.1K but unemployment rate came at 3.9% vs estimate of 4%. UK average earnings came at 3.4% vs 3.2% 3m/y. Cable’s jump was mainly due to positive Brexit news. UK Parliament has rejected no deal Brexit and next vote is to be happened on Wednesday ahead of EU summit starting Thursday. UK is expected to ask extension of more than a year which will require EU-27 approval. The pair jumped sharply till 1.32835 at the time of writing and is currently trading around 1.32733.

On the higher side near term resistance is around 1.3300 and any violation above will take the pair to next level till 1.3380/1.3435.

The near term support is around 1.3250 and any break below will drag the pair till 1.3200/1.3173 (200- H MA). Any violation below 1.29600 confirms bearish continuation.

It is good to sell on rallies around 1.3300 with SL around 1.3380 for the TP of 1.3000.