Pound Sterling Price News and Forecast: GBP/USD heading higher, but corrective decline around the corner
|GBP/USD sees cross driven strength, rises above 100-month SMA
GBP/USD surged by roughly 100 pips during Wednesday's Asian trading hours to print 34-month highs above the 100-hour Simple Moving Average (SMA). The pair reached a high of 1.4241 and was last seen trading near 1.4165, still representing a 0.37% gain on the day. The 100-month SMA is located at 1.4142.
GBP/USD Forecast: Heading higher, but corrective decline around the corner
The GBP/USD topped 1.4097 during the London session, helped by the persistent greenback’s weakness throughout the first half of the day and upbeat UK employment figures. According to the official release, the ILO unemployment rate hit 5.1%, as expected, in the three months to December. Average Earnings Including Bonus in the same quarter were up 4.7%, beating the 4.2% expected. Also, the number of unemployed people decreased by 20K in January, much better than the 35K increase anticipated. The UK published CBI Realized Sales, which came in at -45 from -50 previously, although worse than the -39 anticipated.
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