Pound has hit a wall

18 May, 2017

Pound has hit a wall

The pound has made a late recovery today in the European trading session after jobless numbers hit the market above expectations.

The official unemployment rate released today from the UK came in at 4.6 percent, slightly above analysts’ expectations for a figure of 4.7 percent which was slightly undermined by the slower wage growth which hit the market at 2.4 percent.

Many believe though, that it was overall a good result, and the UK is beginning to rebound after the shock of Brexit and getting on with business,

"Reassuringly for income growth prospects, however, employment picked up further and posted a much larger-than-expected increase over the quarter," say Lloyds Bank

"Overall, the data suggest that any remaining slack continues to be absorbed." they added.

Although the pound has recovered in recent weeks it has reached strong resistance at the $1.30 mark against its US counterpart and not everybody thinks that the Brexit worries are over and it’s going to take something special for a clean break through,

“The main problem right now is the pound desperately, technically wants to test above $1.30 in the dollar. But it’s a real battle between the bulls, the bears, medium and long-term traders as to where the value is going to be in the future,” said Steve Ruffley, chief market strategist at InterTrader.

Source link   Presented by FIBO Group

Pound bounced off the lower limit

GBP/USD bounced off the lower limit of the ascending channel and grew to 1.3280 where the market turned around and returned into the red...

GBP/USD bounces-off 1.3060

Having slumped to fresh six-day lows at 1.3062 last hour. the GBP/USD pair embarked upon a minor-recovery attempt. However, sellers continue to lurk...

GBP futures: rebounds stay tepid

In light of Friday’s advanced data for GBP futures markets provided by CME Group, traders scaled back their open interest positions by nearly 9.7K contracts...

Pound to posted more gains

The softer tone in the US Dollar allowed the pound to post more gains. After a neutral stance at 1.3200 the major caught a fresh bid-wave...

Will UK GDP breathe life into Pound?

Sterling tumbled against the Dollar on Tuesday, after cautious comments from Bank of England Deputy Governor, Jon Cunliffe, rattled market...

The pound remained inactive

The pound remained inactive staying in a tight range between 1.3200-1.3150. We believe traders will keep the price in a directionless mode today...

Pound extended consolidative pattern

The price has been staying in the range 1.3280-1.3230 for two day showing signs of a negative tendency. If sellers are back the spot may decline...

GBP Suffers on Poor Data

On Tuesday, the UK HIS Markit/CIPS construction Purchasing Managers Index (PMI) for September fell to 48.1 from the previous data release...

GBP/USD: pennant pattern

The market is consolidating between the levels 1.3444 - 1.3328. At the same time, there's a downward Wedge, so the pair is likely going...