GBP/USD Forecast: UK employment data help Pound Sterling hold its ground
GBP/USD fluctuated in a narrow range on Monday and closed the day virtually unchanged. The pair edges slightly higher in the European morning on Tuesday and trades above 1.3050.
The data published by the UK’s Office for National Statistics (ONS) showed early Tuesday that the ILO Unemployment Rate eased to 4.0% in the three months to August, following July’s 4.1% reading. Additional details of the report showed the Employment Change data for August arrived at 373K, compared to 265k reported in July. Finally, wage inflation, as measured by the changed in the Average Earnings excluding Bonus, softened to 4.9% from 5.1%. These readings seem to be helping Pound Sterling find a foothold. Read more…
GBP/USD holds near September’s support zone after mixed jobs data
GBPUSD faced mild selling pressure but held its footing above September’s floor of 1.3000-1.3040 after the UK employment survey showed better-than-expected jobs data in August and an increase in the number of unemployed people in September.
The bears may have luck on their side as the technical indicators are not confirming oversold conditions yet. While the stochastic oscillator has dropped below 20, the RSI is still above its 30 oversold level. Likewise, the price itself has not touched the lower Bollinger band. Read more…
GBP/USD outlook: Bearish bias under daily cloud top
Bears hold grip and keep the price within daily cloud for the third straight day, with cloud top acting as solid resistance and limits upticks.
Renewed probe through 1.3049 (50% retracement of 1.2664/1.3434) looks for eventual firm break here to signal bearish continuation for attack at psychological support at 1.30 (also Sep 11 higher low), which guards more significant levels at 1.2958 (Fibo 61.8%) and 1.2940 (daily cloud base). Read more…
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