FXStreet (Guatemala) - GBP/USD is trading at 1.6810, up 0.13% on the day, having posted a daily high at 1.6861 and low at 1.6786.

Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ explained that "The pound has strengthened further following the release yesterday of another robust employment report from the UK. The report revealed that the UK economy added 345k jobs over the last three months equating a 1.1% increase in employment." He noted that "It was the strongest three month period of employment growth on record dating back to the early 1970’s. As a result the unemployment rate declined more sharply than expected by 0.2 point to 6.6% reinforcing our view that the BoE will begin raising rates from early next year encouraging a further strengthening of the pound." Now, the Mansion House speeches by BoE Governor Carney and Chancellor Osborne are key for markets. The Market Strategy Team at UOB Group summed it up and said “There is no change to the current neutral mid-term outlook and further range trading between 1.6720 and 1.6860 is expected for the coming week."

GBP/USD Levels

Spot is presently trading at 1.6813, and next resistance can be seen at 1.6813 (Yesterday's High), 1.6816 (Hourly 20 EMA), 1.6820 (Weekly High), 1.6821 (Daily Classic R1) and 1.6853 (Daily Classic R2). Support below can be found at 1.6793 (Hourly 100 SMA), 1.6791 (Daily 20 SMA), 1.6788 (Daily Open), 1.6786 (Daily Low) and 1.6783 (Weekly Classic PP).

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Investing

    GBP/USD: August 2015 Forecast

  2. Forex News

    Heavy Event Risk in Jobs Data, Rate Decision Will Confront Summer Trading

  3. Forex News

    US Dollar as ‘Data Dependent’ as the Fed as NFPs Approach

  4. Forex News

    Monetary Policy Speculation Continues Next Week With NFPs, RBA and BoE

  5. Forex News

    GBP Opening Monthly Range Hinges on BoE Vote Count, Inflation Report

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!