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



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.


GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 


Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News