• FxWirePro: GBP/USD trades slightly higher on solid UK jobs data, good to sell on rallies    

    Source: FxWire Pro - Technicals / 17 Jul 2018 05:41:03   America/New_York

    • GBP/USD is consolidating in narrow range after hitting high of 1.32960 level.`the pair hits low of 1.32169 yesterday and shown a minor recovery till 1.32688 after better than expected UK jobs data.UK June jobless change came at +7.8 k compared to forecast of 2.3K ,average earnings 3m y/y came in line with expectations at 2.5% and employment change came at slightly better than expected at 137k compared to forecast of 115k. BOE ‘s Governor Carney testifying before the treasury committee on financial stability warns on potential Brexit risks.It is currently trading around 1.32597.
          
    • Technically near term resistance is around 1.3300 and any convincing break above will take the pair till 1.33625 (Jul 9th 2018 high)/1.3400. The pair should close well above 1.3300 on daily basis for bullish continuation.
       
    • On the lower side, near term major support is around 1.3200 and any break below will target 1.3150/1.3100.

      It is good to sell on rallies around 1.3260-65 with SL around 1.3305 for the TP of 1.3150/1.3100.

     

     

     

Share on