Sterling Bounces By Labour Market Outperformance
July 20, 2016 2:44 pmVideo
Latest News
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
- Overview of the GBP/USD pair. April 16th. The pound may rebound, but the flat is over, and there are no reasons for growth April 16, 2024
- Trading plan for GBP/USD on April 16. Simple tips for beginners April 16, 2024
- Trading plan for EUR/USD on April 16. Simple tips for beginners April 16, 2024
- Overview of the EUR/USD pair. April 16th. In plain text: The ECB will cut rates in June April 16, 2024
- Forecast for EUR/USD on April 16, 2024 April 16, 2024
- Forecast for GBP/USD on April 16, 2024 April 16, 2024
- Forecast for AUD/USD on April 16, 2024 April 16, 2024
- Outlook for GBP/USD on April 16. Pound awaits inflation data April 16, 2024
- Outlook for EUR/USD on April 16. Another boring Monday April 16, 2024
- The euro hardly has a chance to rise April 16, 2024
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
The UK Claimant Count Change data released this morning was better than expected, and the GBP strengthened across the board. The number of people claiming for unemployment benefits slightly increased by 0.4K in June in the UK, comparing to the expectation of 3.5K and the previous figure of 12.2K. The unemployment rate also dropped to 4.9% compared to the previous figure of 5.0% in June, the lowest since 2005. Before the data was released, the GBPUSD was in a bearish trend, the price section dropping and testing the previous low at 1.31 yesterday. On the 4 hourly chart, a head and shoulders pattern has formed since 12th July. This morning the GBPUSD was helped by the outperformance of economic data. On the 4 hourly chart, a long bullish candlestick broke out the downtrend line, the left shoulder, and held above the support level at 1.31. Yet the current price section is just below two resistance levels, 20 and 50 EMAs at 1.318 and 1.32 respectively. If confirmed breaking out, further testing the next resistance level at 1.327. Downside support 8 EMA at 1.315 followed by 1.31 and 1.30. On the 1 hourly chart, KD is above 80, K line and D line are going to crossover from above, being aware of a pullback. The breakout might be a short term rebound resulting from the positive economic data. In term of a larger scope, a note of caution is suggested on the post referendum uncertainty and the potential rate cut in August. The IMF cuts its UK growth forecast for 2016 by 0.2% to 1.7% due to the aftermath of Brexit, pointing out the decision of leaving the EU has damaged the short term economic prospects of the UK.
Source: FX Pro Market Snapshot
Related Posts: