• FxWirePro: gbpusd trades higher on better than expected UK jobs data, good to buy on dips

    Source: FxWire Pro - Technicals / 21 Mar 2018 06:18:51   Eastern Standard Time

    • Cable has shown a good recovery after release of UK jobs data. The pair jumped almost 50 pips and hits intraday high of 1.30760.US dollar pared some of its gains made yesterday and market eyes fed FOMC meeting tomorrow for further direction.  It is currently trading around 1.40696.
       
    • UK wages have shown good jump to 2.8% compared to forecast of 2.5%. The increase in wage growth raises the chance of rate hike by BOE. UK unemployment rate came at 4.3% for the month of Feb compared to forecast of 4.4%.
       
    • Technically on the lower side, near term support is around 1.4000 and any break below will drag the pair down till 1.3960/1.3928/1.3900. Major weakness can been only below 1.3700. 
       
    • The near term resistance is around 1.4010 and break above will take the pair till 1.4145. The pair should break above 1.4070 for further upside.

    It is good to buy on dips around 1.4050 with SL around 1.400 for the TP of 1.4145.