FXStreet (Moscow) - GBP/USD opened at 1.7135, and fell asleep somewhere around, sliding to 1.7118 at the European open.

The disappointed market

The pair may take a rest after a very volatile week, and quite impressive moves. Unfortunately, the recent labor data failed to excite the market despite the better than expected unemployment figures. The reason why the investors ignored the positive news lies in overoptimistic expectations for wage inflation. And when average earnings came out below the forecasts, it convinced the market, there was no reason for the BOE to hurry with the first rate hike. However, we need to admit positive developments in the labor market that will finally bring better wage growth, thus the medium/long-term trend for the pound may still point to the upside.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.7134, with support below at 1.7116, 1.7094, and 1.7076 with resistance above at 1.7156, 1.7174, and 1.7196. Hourly Moving Averages are bullish, with the 200SMA at 1.7128, and the daily 20EMA bullish at 1.7080. Hourly RSI is bullish at 54.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    GBP/USD recovers losses ahead of European session

  2. Forex News

    GBP/USD Technical Analysis: Support Below 1.55 in Focus

  3. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  4. Forex News

    BoE Policy Meeting Preview - Rabobank

  5. Forex News

    GBP/USD sinks to 1.5570

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!