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.

Dhwani Mehta FXStreet

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 price	1.2068
Today Daily Change	-0.0015
Today Daily Change %	-0.12
Today daily open	1.2074

Trends
Daily SMA20	1.2282
Daily SMA50	1.249
Daily SMA100	1.2716
Daily SMA200	1.2817

Levels
Previous Daily High	1.2107
Previous Daily Low	1.2015
Previous Weekly High	1.221
Previous Weekly Low	1.2023
Previous Monthly High	1.2706
Previous Monthly Low	1.2119
Daily Fibonacci 38.2%	1.2072
Daily Fibonacci 61.8%	1.205
Daily Pivot Point S1	1.2024
Daily Pivot Point S2	1.1974
Daily Pivot Point S3	1.1932
Daily Pivot Point R1	1.2115
Daily Pivot Point R2	1.2157
Daily Pivot Point R3	1.2207

Author

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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