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14 Sep 2016

GBP/USD sees cross driven recovery ahead of UK data

Yen selling and the resulting uptick in the GBP/JPY helped GBP/USD pair recover from the session low of 1.3166 to trade around 1.3190 levels.

Awaits UK data

A disappointing UK labor and wage growth numbers for the month of August and July respectively risk derailing the recovery in the British Pound from the post Brexit lows.

Over the last one month or so, the data released in UK surprised on the positive side, thus triggering speculation that Brexit has not had any negative impact on the economy. However, CPI released yesterday missed estimates. The British Pound could suffer another wave of selling if today’s wage growth and labor figures disappoint expectations.

 

 

 

 

GBP/USD Technical Levels

 

 

 

A break above psychological figure of 1.32 could yield a re-test of 5-DMA level of 1.3253. Rising trend line coming from Aug 16 low and Aug 31 low could also work as resistance around 1.3240. A convincing break above 1.3240-1.3253 would open doors for 1.33 (zero figure).

On the lower side, 50-DMA level of 1.3155 (also 50% Fibo of 1.2865-1.3445) could work as a strong support, which if breached could result in a drop to 1.3087 (61.8% Fibo). Further losses could run into support around 1.3059 (Aug 30 low).

 

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