GBP/USD ANALYSIS
- UK Unemployment ACT: 4.1%, EST: 4.1%; Avg Earnings ACT: 4.3%, EST: 3.8%
- Cable ticks higher.
AVERAGE EARNINGS BEATS FORECASTS, GBP/USD TICKS HIGHER
While UK unemployment for the December period printed as expected (4.1%), the big news from the release centered around wage growth (4.3%). Higher growth in wages adds to tightening expectations from the Bank of England (BoE), reflective in the post-release upside price action on sterling.
ECONOMIC CALENDAR
Source: DailyFX economic calendar
Markets remain apprehensive with geopolitical tensions mounting as well as further guidance via tomorrow’s UK inflation and FOMC minutes events.
Source: DailyFX economic calendar
GBP/USD TECHNICAL ANALYSIS
GBP/USD DAILY CHART
Chart prepared by Warren Venketas, IG
Choppy trading on the GBP/USD pair of recent has echoed the uncertain global environment particularly around Russia/Ukraine tensions. The congestion is likely to stay until more concrete information is released on the current situation.
Key resistance levels:
- 1.3579
Key support levels:
- 1.3500
- 1.3300
Contact and follow Warren on Twitter: @WVenketas
