GBP/USD: Long In Good Shape After British Jobs Report

GROWTHACES.COM Forex Trading Strategies Taken Positions GBP/USD: long at 1.5275, target 1.5440, profit locked in at 1.5290, risk factor * USD/CAD: short 1.3080, target 1.2730, profit locked in at 1.3070, risk factor ** AUD/JPY: long at 86.80, targer 89.80, stop-loss 85.80, risk factor ** More Forex Strategies –

GBP/USD: Long In Good Shape After British Jobs Report (long for 1.5440)

  • Britain’s unemployment rate unexpectedly fell to its lowest level since mid-2008 in the three months to August. It fell to 5.4%, down from 5.5% in the three months to July and below the market forecast of 5.5%. The number of people in employment jumped by 140k, pushing the employment rate to 73.6%, the highest since records began in 1971, while those unemployed fell by 79k , the biggest fall since the three months to January.
  • The total earnings of workers, including bonuses, rose by 3.0%, edging up from the three months to July, but short of market expectations of 3.1%. In the month of August alone, total wages in the private sector, which are monitored closely by the Bank of England, rose by 3.5%, slowing from 4.3% in July. Excluding bonuses, average weekly earnings growth slowed slightly to 2.8% in the three months to August, down from 2.9% in the three months to July which was the strongest growth rate in over six years.
  • British jobs report was mixed – slightly weaker wages growth against lower-than-expected unemployment rate. The GBP/USD had fallen to 1.5285 after investors saw earnings data but it broke above the levels from before the release then.
  • British consumer price inflation in September dipped back below zero, according to data released on Tuesday. We used a fall in the GBP/USD after CPI data to get long. Our long is in good shape now and our target is 1.5440. The nearest resistance levels are not very strong – 1.5388 high on October 13 and psychological level of 1.5400.

GBP/USD Daily Chart

Significant technical analysis’ levels: Resistance: 1.5388 (high on Oct 13), 1.5400 (psychological level), 1.5448 (61.8% fibo of 1.5659-1.5107) Support: 1.5250 (session low Oct 14), 1.5201 (low Oct 14), 1.5141 (low Oct 6)Source: Growth Aces Profitable Forex Strategies

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