GBP/USD through 1.2300 on UK data, session tops

Pablo Piovano FXStreet

The Sterling met extra buying pressure following UK’s jobs report today, sending GBP/USD back above the 1.2300 barrier.

GBP/USD bid on upbeat data

The pair managed to break above 1.2300 the figure after UK’s Claimant Count Change increased by 0.7K during September, less than initially estimated. In addition, the ILO unemployment rate has stayed unchanged at 4.9%, matching consensus.

Spot is thus extending its weekly upside while looking to break above the 1.2300 handle on a more sustainable fashion. Today’s results add to yesterday’s higher-than-expected inflation figures during September, all collaborating with a better sentiment around GBP (although its extent remains doubtful to say the least).

The USD will take centre stage later in the NA session with the releases of MBA’s Mortgage Applications, Building Permits and Housing Starts, all preceding the Fed’s Beige Book.

In addition, speeches by San Francisco Fed J.Williams (2018 voter, neutral), Philly Fed P.Harker (2017 voter, hawkish) and Dallas Fed R.Kaplan (2017 voter, neutral) will keep the attention around USD.

GBP/USD levels to consider

As of writing the pair is gaining 0.14% at 1.2315 and a break above 1.2327 (high Oct.18) would aim for 1.2377 (high Oct.11) and finally 1.2614 (20-day sma). On the flip side, the immediate support lines up at 1.2086 (low Oct.11) ahead of 1.1450 (low post-‘flash crash’ Oct.7).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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