GBP/USD cycles familiar territory ahead of UK CPI print
GBP/USD churned chart paper in familiar territory for a fourth consecutive trading day on Tuesday. Cable continues to cycle in a dead zone between 1.3100 and 1.3000 as GBP traders await meaningful UK data updates before picking a side to fall on.
UK wages data largely came in as expected on Tuesday, but GBP traders took note of an unexpected uptick in September’s Claimant Count Change, which jumped to 27.9K for the month, compared to the expected 20.2K against August’s 23.7K. On the other side of the same coin, the UK’s ILO Unemployment Rate also ticked down to 4.0% from the expected hold at 4.1%. Read more…
GBP/USD Price Forecast: Rises toward 1.3100 post strong UK jobs report
The Pound Sterling recovered some ground and rose 0.18% on Tuesday against the US Dollar following a strong UK jobs report that pushed the unemployment rate lower, while the economy added over 373,000 jobs, crushing estimates of 250,000. At the time of writing, the GBP/USD trades at 1.3081 after bouncing off the daily low of 1.3035.
The GBP/USD remains consolidated, within the 1.3000-1.3100 range for the sixth consecutive day, even though the pair hit a high of 1.3102. Read more…
