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Forex pairs in this Article » GBP/USD (Edinburgh) -The sterling is gathering steam on Wednesday, lifting the GBP/USD to the vicinity of the positive ground in the 1.5990/1.6000 band ahead of key UK data.

GBP/USD eyes on employment data

The pound would remain under pressure ahead of critical data from the British labour market. Prior surveys expect the unemployment rate to remain unchanged at 7.7% in the three months ended in August while the Claimant Count would drop by 25.0K. Tomorrow’s Retail Sales during September are due (2.1% YoY), closing a pretty interesting week for the sterling. According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the pair “is finally falling through the July-to-October uptrend line at 1.5961 and targets the 38.2% Fibonacci retracement of the July-to-October advance at 1.5707 and possibly 1.5536, the 50% retracement. We will keep our immediately bearish view while GBP/USD remains below this week’s 1.6017 high on a daily chart closing basis”.

GBP/USD relevant levels

At the moment the pair is down 0.02% at 1.5994 with the immediate support at 1.5950 (low Oct.15) ahead of 1.5923 (low Oct.11) and then 1.5914 (low Oct.10). On the upside, a breakout of 1.6010 (high Oct.15) would aim for 1.6018 (high Oct.14) and finally 1.6040 (MA10d).
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