Created
: 2024.09.10
2024.09.10 22:20
The Pound Sterling (GBP) has crept a little higher over the course of the trading day so far. UK data showed in line with expectations wage growth (4.0% Y/Y for Average Weekly Earnings in the July quarter, 5.1% for ex-bonus pay) and a marginal fall in the unemployment rate (4.1%, from 4.2%) over the same period,
"Policymakers will welcome slower wage growth but gains are still too rich to be compatible with the BoE's inflation target. Swaps are pricing in marginally less risk of an already unlikely BoE cut next week as a result (4bps of easing versus 5-6bps yesterday)."
"Like other pairs, there are negative daily and weekly prints on the GBP charts which suggest downside risks in the near-term. Like other pairs though, the GBP/USD charts also reflect a lot of residual bullish momentum via oscillator studies which are curbing downside impulses for now."
"Short-term patterns on the GBP/USD look corrective after the August rally in the pound. c, suggesting more range trading with a mild downside bias for now. Support is 1.3050/60. Resistance is 1.3110 and 1.3145/50."
Created
: 2024.09.10
Last updated
: 2024.09.10
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy