GBP/USD Outlook: Mild reaction on UK jobs/earnings data keeps pound at familiar levels

Slobodan Drvenica Windsor Brokers

GBPUSD

Cable remains under daily cloud top (currently at 1.3108) following mild reaction on UK jobs data.
Unemployment remains unchanged in Feb (3.9%), employment in three months to Feb came slightly above expectations (179K vs 173K f/c) but stronger than expected jobless claims (Mar 28.3K vs 20K f/c) offset positive impact.
The most significant average earnings remained unchanged and in line with forecast (3.5%).
The pair remains within multi-day congestion that stays capped by daily cloud top, with scenario supported by flat daily indicators and absence of Brexit news in holiday-shortened and lower-volumes week, maintaining sideways mode.
Daily cloud top / Fibo 38.2% of 1.3381/1.2977 (1.3108/16) mark pivotal barriers, break of which is needed to generate initial bullish signal.
Conversely, dip below near-term congestion floor at 1.3040 zone would generate initial negative signal and expose key support at 1.2972 (200SMA).

Res: 1.3108; 1.3116; 1.3134; 1.3179
Sup: 1.3072; 1.3042; 1.3030; 1.2972

Interested in GBPUSD technicals? Check out the key levels

1. R3 1.3172
2. R2 1.3146
3. R1 1.3121
PP 1.3095
1. S1 1.3071
2. S2 1.3044
3. S3 1.302

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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