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Forex pairs in this Article » GBP/USD (Córdoba) - The GBP/USD rose to a fresh 1-week high during the European session helped by better employment data.

The Sterling strengthened and reached a peak of 1.6057 underpinned by a steep decline in UK the unemployment claimant count. Claims fell by 41.7K, the largest decline since mid-1997, versus the 25K that the consensus expected. However, the rally lost momentum, sending GBP/USD back to 1.6025.

GBP/USD technical outlook

"Sterling has risen to test its 20-day moving average (~$1.6060) and has broken the down trendline that has been in place since the start of the month", says the BBH analyst team. "A move above $1.6080-90 would be the first compelling indication that the bearish head and shoulders top pattern that we identified is not valid".
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