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
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.