GBP/USD keeps the red below mid-1.2900s, 2-week lows post-UK jobs data

   •  The latest Brexit headlines prompt some fresh selling around the British Pound.
   •  Mixed UK employment details fail to impress the bulls or provide any impetus.

The GBP/USD pair held on to its weaker tone near two-week lows and had a rather muted reaction to mixed UK monthly employment details.

The pair added to the overnight weakness and lost some additional ground during the early European session on Tuesday after reports suggesting that the UK PM Theresa May will not sign up for a permanent customs union, a key demand by the opposition Labour party in the long cross-party talks.

On the macroeconomic data front, the UK unemployment rate unexpectedly ticked lower to 3.8% but was largely offset by the disappointing release of wage data, showing that average earnings growth including bonus decelerated to 3.2% during the three months to March from 3.5% previous.

Adding to the disappointment, the number of people claiming unemployment-related benefits also rose more than expected to 24.7K in April, while average earnings excluding bonus matched estimates and came in to show a 3.3% growth as compared to 3.4% rise recorded previously.

However, the not so disappointing data was overshadowed by prolonged Brexit uncertainties and did little to provide any meaningful impetus to the British Pound or assist the pair to stage any meaningful bounce.

Technical levels to watch


Today last price 1.2936
Today Daily Change -0.0022
Today Daily Change % -0.17
Today daily open 1.2958
Daily SMA20 1.3003
Daily SMA50 1.3085
Daily SMA100 1.3011
Daily SMA200 1.2959
Previous Daily High 1.3042
Previous Daily Low 1.2941
Previous Weekly High 1.3171
Previous Weekly Low 1.2967
Previous Monthly High 1.3196
Previous Monthly Low 1.2865
Daily Fibonacci 38.2% 1.298
Daily Fibonacci 61.8% 1.3003
Daily Pivot Point S1 1.2919
Daily Pivot Point S2 1.2879
Daily Pivot Point S3 1.2818
Daily Pivot Point R1 1.302
Daily Pivot Point R2 1.3081
Daily Pivot Point R3 1.3121



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