GBP/USD: midday wrap and bullish – FXStreet

FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD reversed its Tuesday’s losses and erased almost all of its latest losses, on the back on a mixed UK employment report that showed that the unemployment rate fell to its lowest since 2008, whilst wages continued to grow during September, although below expectations.

Key Quotes:

“Also, more people filled for unemployment benefits, but overall, the data put the BOE’s back in the raising rates path. The pair advanced up to 1.1.5380 before the release of the US data, breaking higher afterwards, standing now at fresh highs above the 1.5400 level.”

“Technically bullish, the 1 hour chart shows that the technical indicators head sharply higher in extreme overbought territory, with no aims of changing bias and favoring a continued advance during the US session.

In the 4 hours chart, the price is well above its moving averages, whilst the technical indicators maintain their bullish slopes above their mid-lines, in line with the shorter term outlook.”

Valeria Bednarik, chief analyst at FXStreet explained that GBP/USD reversed its Tuesday’s losses and erased almost all of its latest losses, on the back on a mixed UK employment report that showed that the unemployment rate fell to its lowest since 2008, whilst wages continued to grow during September, although below expectations.

(Market News Provided by FXstreet)