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GBP/USD deflates to 1.5130 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is losing its shine during the European morning, now dragging GBP/USD to the 1.5140/30 area.

    GBP/USD weaker on UK job figures

    The pair has surrendered part of the initial strength after UK’s Claimant Count Change has increased by 3.3K during October vs. 1.5K expected and 0.5K previous. Further data saw the unemployment rate ticking lower to 5.3% in September while Average Earnings have come in below expectations.

    Ahead in the session, the pound will remain under pressure in light of the speech by Governor M.Carney, while the renewed dovish stance from the BoE at its meeting last week still lingers over the markets.

    GBP/USD levels to watch

    At the moment, the pair is advancing 0.17% at 1.5143 facing the next resistance at 1.5204 (38.2% of 1.5496-1.5023) followed by 1.5233 (7-month uptrend prev. support now resistance) and then 1.5314 (55-day sma). On the other hand, a break below 1.5023 (low Nov.6) would aim for 1.4948 (low Jan.23) and finally 1.4563 (2015 low Apr.13).
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