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GBP/USD advances through 1.5300 ahead of UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The bid tone in the sterling is now picking up pace following the rest of the riskier assets, lifting GBP/USD to session tops above the 1.5300 mark.

    GBP/USD firmer ahead of UK jobs report

    The renewed offered tone in the US dollar is propelling the current advance in the pair after the European open, managing to recover some ground after yesterday’s deep sell off.

    Next of relevance in GBP will be the UK labour market report, where Claimant Count Change is expected to have decreased by 2.1K during September and the jobless rate is seen at 5.5% in the three months ended in August.

    GBP/USD important levels

    As of writing the pair is up 0.45% at 1.5317 with the initial hurdle at 1.5345 (200-day sma) ahead of 1.5401 (55-day sma) and then 1.5443 (Fibo 38.2% of 1.5658-1.5107). On the other hand, a breakdown of 1.5143 (up trend from ytd low) would expose 1.5107 (low Oct.1) and then 1.5089 (low May 5).
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