FXStreet (Mumbai) – The bid tone on the USD recovered ahead of the UK data, taking the GBP/USD pair lower to 1.5626 from the high of 1.5652.
Focus on the hourly earnings
The UK monthly employment data is due for release today, however, the focus is likely to be on the hourly earnings data since the BOE particular tracks the same. Latest BOE minutes are also due for release. No change in voting is expected, but the markets would look for any clues regarding the interest rate policy.
A better-than-expected earnings data could renew bids on the GBP. On the other hand, weaker readings may trigger a much needed technical correction after seven day rally. Post UK data, the focus would shift to the US FOMC statement.
GBP/USD Technical Levels
The immediate resistance is located at 1.5660 could push the pair higher to 1.57 levels. On the flip side, a break below 1.56 could push the pair down to 1.5566.
(Market News Provided by FXstreet)