GBP/USD Ignores UK Data, Drops to 1.4420
A brief knee-jerk following UK releases saw GBP/USD reaching 1.4450/55, although the up move proved to be short-lived.
GBP/USD offered despite upbeat results
After dipping to the area of 1.4420, spot has managed to regain
1.4450/55 after labour market figures in the UK economy have come in
better than initially forecasted, as Claimant Count Change has decreased
by 2.4K in April vs. a forecasted gain of 4.3K and Average Earnings
inc. Bonus has gained 2.0% in March.
Further data saw the unemployment rate staying put at 5.1% on the three months ended in March, in line with prior surveys.
Next on tap for the pair will be the release of the FOMC minutes, with
consensus slightly tilted towards a dovish tone from the Committee.
GBP/USD levels to consider
As of writing the pair is retreating 0.32% at 1.4417 facing the next
support at 1.4342 (20-day sma) ahead of 1.4088 (low Apr.14) and finally
1.4004 (low Apr.6). On the flip side, a break above 1.4531 (high May 12)
would aim for 1.4670 (high Feb.4) and then 1.4770 (high May 3).
