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14 Aug 2013
GBP/USD jumps on bullish data
FXstreet.com (Barcelona) - GBP/USD has jumped towards the 1.5500 handle after a set of bullish jobs data.
GBP/USD is sensitive to the unemployment rate in the UK, and markets are trading the news around the 7% threshold that Carney sighted as of significance with regards to the the MPC’s interest rate policy. The Claimant Count Change for July came in much better than expected at -29.2K vs -15k consensus. The unemployment rate arrived inline with expectations 7.8% and at the same time, the vote from the MPC to leave rates was unanimous, confirming Carney has all his members backing him. The pair has broken into the 1.5500 handle and targets yesterdays high, 1.5513.
GBP/USD eyes 1.5750 area
Analyst, Axel Rudolph, at Commerzbank said while the 200 day moving average at 1.5526 caps, further weakness remains in store. “Having said that, since last week’s rally looks directional we still have to allow for a stab to the 1.5605/58 resistance area unfolding. It consists of the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week moving average could still be seen. GBP/USD will remain overall bid while trading above the two month uptrend channel line at 1.5233”.
GBP/USD is sensitive to the unemployment rate in the UK, and markets are trading the news around the 7% threshold that Carney sighted as of significance with regards to the the MPC’s interest rate policy. The Claimant Count Change for July came in much better than expected at -29.2K vs -15k consensus. The unemployment rate arrived inline with expectations 7.8% and at the same time, the vote from the MPC to leave rates was unanimous, confirming Carney has all his members backing him. The pair has broken into the 1.5500 handle and targets yesterdays high, 1.5513.
GBP/USD eyes 1.5750 area
Analyst, Axel Rudolph, at Commerzbank said while the 200 day moving average at 1.5526 caps, further weakness remains in store. “Having said that, since last week’s rally looks directional we still have to allow for a stab to the 1.5605/58 resistance area unfolding. It consists of the May peak and uptrend channel resistance line. If overcome, a challenge of the 1.5752/55 June high and the 200-week moving average could still be seen. GBP/USD will remain overall bid while trading above the two month uptrend channel line at 1.5233”.