GBP/USD Forecast: challenging 1.5000


The GBP/USD pair trades at fresh weekly highs, challenging the 1.5000 level after the release of the UK monthly employment data. Unemployment rate fell down to 5.6% as expected,  the lowest in almost seven years, whilst wages tick higher, as average earnings excluding bonus rose to 1.8% from previous 1.6%. But the number of people claiming unemployment benefits decreased less than expected. Nevertheless, the overall figures are positive for the British Pound.

Technically, the 4 hours chart shows that the price is extending further above its 200 SMA, whilst the technical indicators regained the upside and head sharply higher well into positive territory. In the same chart, the 20 SMA also advances sharply below the current price, all of which should favor additional advances. Nevertheless, the 1.5000 level is a critical static resistance and selling interest around it is containing the upside. A break through the level that sees price extending above 1.5020, should lead to additional advances up to 1.5060 in the short term, with a break above this last exposing the 1.5100 level.

The immediate support stands at 1.4965, with a break below it required to see the pair turning lower towards the 1.4920 level.

View live chart of the GBP/USD

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