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GBP/USD back below 1.53 on UK data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The pound is now giving away part of the initial gains vs. the dollar, dragging GBP/USD back to sub-1.5300 levels.

    GBP/USD a weaker post-UK releases

    The pair has left the area of session highs near 1.5340 and is now returning to the 1.5285/80 band after results from the UK labour market has come in below expectations during September. In fact, Claimant Count Change has increased by 4.6K vs. a forecasted drop of 2.1K, while Average Earnings including/excluding Bonus have both missed expectations.

    On the bright side, the ILO unemployment rate has ticked lower to 5.4% in the three months ended in August vs. 5.5% anticipated and previous.

    GBP/USD important levels

    As of writing the pair is up 0.35% at 1.5302 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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