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Forex pairs in this Article » GBP/USD (Barcelona) - GBPUSD has been largely unaffected by today's mixed unemployment data but has moved to test 1.5900 above.

The ILO Unemployment rate came in at 7.8%/7.9% whilst Average Earnings and Claimant Count Change figures slumped. GBPUSD had a soft initial reaction but has since climbed to test 1.5900 on the upside. Calendar wise ahead EU Industrial Production falls at 10:00 GMT while the BoE Inflation report and Governor King's speech is due to 10:30 GMT.

Slobodan Drvenica of Windsor Brokers note that the pair largely remains in sideways trading mode, holding above 1.5857, yesterday's fresh low, where the 200 MA limited the decline from the 1st November 1.6174 peak. He believes that a failure to hold gains above 1.5900 indicates that near term price action will remain entrenched within a narrow range on the hourly chart. Flipping to a 4h view, however he notes that indicators pointing higher, along with formation of a morning star pattern on a daily chart could be a sign of a pending corrective action
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