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GBP/USD uninspired by rise in UK wages, as jobless rate ticks higher

  • The UK wages excluding bonuses rose by 3.9%y/y compared to 3.8% y/y expected.
  • The UK wages including bonuses rose by 3.7% y/y compared to 3.7% y/y expected.
  • The UK unemployment rate rises to 3.9% in June.

The Office for National Statistics (ONS) showed on Tuesday, the UK’s average weekly earnings, excluding bonuses, arrived at 3.9% 3m y/y in June versus 3.6% last and 3.8% expected while the gauge including bonuses came in at 3.7% 3m y/y in June versus 3.5% previous and 3.7% expected.

The Kingdom’s official jobless rate ticked higher to 3.9% in June, while the claimant count change showed a smaller-than-expected increase.

The number of people claiming jobless benefits rose by 28k in July, against expectations of a 32k increase and +31.4k (revised from +38k) seen previously. The claimant count rate steadied at 3.2%.

The GBP/USD pair ticked a few pips higher to near 1.2070 region on the mixed UK labor market report, still maintaining its recovery from a dip to 1.2041 lows reached last hour. Its remains to be seen if the spot can extend the latest leg higher amid a renewed risk-aversion wave and intensifying no-deal Brexit fears.

GBP/USD Levels to watch

GBP/USD

Overview
Today last price1.2068
Today Daily Change-0.0015
Today Daily Change %-0.12
Today daily open1.2074
 
Trends
Daily SMA201.2282
Daily SMA501.249
Daily SMA1001.2716
Daily SMA2001.2817
Levels
Previous Daily High1.2107
Previous Daily Low1.2015
Previous Weekly High1.221
Previous Weekly Low1.2023
Previous Monthly High1.2706
Previous Monthly Low1.2119
Daily Fibonacci 38.2%1.2072
Daily Fibonacci 61.8%1.205
Daily Pivot Point S11.2024
Daily Pivot Point S21.1974
Daily Pivot Point S31.1932
Daily Pivot Point R11.2115
Daily Pivot Point R21.2157
Daily Pivot Point R31.2207

Author

Dhwani Mehta

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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