- Cable retreats from earlier fresh 2018 tops in the 1.4380 region.
- The rally in the pair clinches its third consecutive week.
- UK’s jobless rate ticked lower to 4.2% in February.
The bid tone around the Sterling remains well and sound on Tuesday, lifting GBP/USD to fresh YTD tops in the boundaries of 1.4380 albeit losing some ground in the wake of UK's jobs report.
GBP/USD in 2018 tops
After hitting fresh yearly tops near 1.4380 during early trade, Cable has now given away part of those gains following today’s UK’s labour market figures.
In fact, the unemployment rate ticked lower to 4.2% in February and Claimant Count Change rose by 11.6K during last month, bettering estimates and lower than February’s 15.1K.
On the other side, the key Average Earnings including Bonus expanded at an annualized 2.8%, missing forecasts for a 3.0% expansion.
In the meantime, the upside momentum in the pair remains unchanged and backed by an almost priced in rate hike by the BoE at its meeting in May along with positive results in the UK docket as of late, while Brexit concerns appear so far alleviated.
GBP/USD levels to consider
As of writing, the pair is losing 0.01% at 1.4331 and a break below 1.4181 (10-day sma) would aim for 1.4145 (low Apr.12) and then 1.4132 (21-day sma). On the upside, the next hurdle emerges at 1.4377 (2018 high Apr.17) seconded by 1.4516 (high Mar.18 2016) and finally 1.4568 (monthly low Apr.2015).
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