• GBP/USD struggled to gain any meaningful traction amid a modest USD strength.
  • Upbeat UK employment details failed to impress bulls or provide a fresh impetus.
  • Reduced BoE rate hike bets acted as a headwind amid Brexit-related uncertainties.

The GBP/USD pair held steady above the 1.3200 round-figure mark and moved little following the release of the UK monthly employment details.

The UK Office for National Statistics reported that the number of people claiming unemployment-related benefits dropped by 49.8K in November as against the 14.9K fall in the previous month. Adding to this, the ILO Unemployment Rate edge lower from 4.3% to 4.2% during the three months to October. Further details revealed that wage pressures moderated slightly going into year-end.

The data, however, did little to provide any meaningful impetus to the British pound amid diminishing odds for an imminent interest rate hike by the Bank of England at its upcoming meeting on Thursday. This, along with persistent Brexit uncertainties, continued acting as a headwind for the sterling and capped the upside for the GBP/USD pair amid a modest US dollar strength.

The greenback stood tall near a one-week high and remained well supported by the prospects for an early policy tightening by the Fed. In fact, the money markets indicate the possibility of an eventual liftoff by June 2022 and another hike as early as November. Apart from this, economic risks emerging from the spread of the Omicron variant further underpinned the safe-haven USD.

Meanwhile, the GBP/USD pair's inability to gain any meaningful traction suggests that the recent bearish trend witnessed since October might still be far from being over. That said, investors might refrain from placing aggressive bets ahead of the key central bank event risks. The Fed will announce its policy decision on Wednesday and the BoE meeting is scheduled on Thursday.

Hence, it will be prudent to wait for acceptance below the 1.3200 mark before positioning for any further depreciating move. Market participants now look forward to the US Producer Price Index for some impetus later during the early North American session. Trades will further take cues from the broader market risk sentiment to grab some opportunities around the GBP/USD pair.

Technical levels to watch


Today last price 1.3216
Today Daily Change 0.0007
Today Daily Change % 0.05
Today daily open 1.3209
Daily SMA20 1.3323
Daily SMA50 1.351
Daily SMA100 1.3639
Daily SMA200 1.3782
Previous Daily High 1.3272
Previous Daily Low 1.3209
Previous Weekly High 1.3289
Previous Weekly Low 1.3161
Previous Monthly High 1.3698
Previous Monthly Low 1.3194
Daily Fibonacci 38.2% 1.3233
Daily Fibonacci 61.8% 1.3248
Daily Pivot Point S1 1.3188
Daily Pivot Point S2 1.3167
Daily Pivot Point S3 1.3125
Daily Pivot Point R1 1.3251
Daily Pivot Point R2 1.3293
Daily Pivot Point R3 1.3314



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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD bulls seek a break of 0.6925 for 0.6950 target area

AUD/USD is consolidated at the start of the Asian day following some back and forth at the start of the week. The Aussie is trading at 0.6922 and will be dependent on the trajectory of the greenback in the absence of domestic data this week other than Retail Sales tomorrow. 


EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD retreats from fortnight high near 1.0600 on recession/inflation fears

EUR/USD holds onto the pullback from a two-week high as bulls get rejections from short-term key resistances, as well as risk-off mood, during Tuesday’s Asian session. The major currency pair remains pressured around 1.0585.


Gold sees downside below $1,820, focus shifts to Fed Powell

Gold sees downside below $1,820, focus shifts to Fed Powell

Gold price displayed a failed attempt to sustain above the critical resistance of $1,840.00 on Monday. The precious metal has turned sideways after a sheer downside move and is expected to extend its losses after violating the crucial support of $1,820.85.

Gold News

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price finally shows the buy signal you’ve been waiting for

Terra’s LUNA price shows optimism to start the final week of June. The potential for a new bull run is beginning to materialize. LUNA price sees an uptick in social media commentary.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!