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12 Jun 2013
GBP highest levels since Feb on better fall in claimant counts
FXstreet.com (London) - GBP/USD has broken this morning’s range higher on the release of better job numbers for the economy. The pair are trading at the highest levels since February.
GBP/USD enjoys a fall in the claimant count
The jobless rate in the UK was expected to stay put at 7.8% and it did so, while the more focused bit of data, the claimant change fell from the previous numbers of -11.8k to -8.6k against a consensus of -5.0k, which is over all bullish for the pound given expectation could be for a higher consumer spending count in the long run benefiting economic growth. Ahead in the day, MPC member Paul Fisher is expected to give a speech.
GBP/USD technically bullish
GBP/USD is targeting the 1.5690 (high Feb.13). ICN.com analyses suggests the Fibonacci- Linear Regression Indicators support bullishness; and a breakout below 1.5535 weakens the possibility of the upside move. They said that the trading range for today is among key support at 1.5535 and key resistance at 1.5800 but the general trend over short term basis is also to the upside as far as areas of 1.5150 remains intact targeting 1.5975. On the downside, a breach of 1.5488 (low Jun.7) would open the door to 1.5426 (61.8% of 1.5008-1.4685) and then 1.5390 (MA10d).
GBP/USD enjoys a fall in the claimant count
The jobless rate in the UK was expected to stay put at 7.8% and it did so, while the more focused bit of data, the claimant change fell from the previous numbers of -11.8k to -8.6k against a consensus of -5.0k, which is over all bullish for the pound given expectation could be for a higher consumer spending count in the long run benefiting economic growth. Ahead in the day, MPC member Paul Fisher is expected to give a speech.
GBP/USD technically bullish
GBP/USD is targeting the 1.5690 (high Feb.13). ICN.com analyses suggests the Fibonacci- Linear Regression Indicators support bullishness; and a breakout below 1.5535 weakens the possibility of the upside move. They said that the trading range for today is among key support at 1.5535 and key resistance at 1.5800 but the general trend over short term basis is also to the upside as far as areas of 1.5150 remains intact targeting 1.5975. On the downside, a breach of 1.5488 (low Jun.7) would open the door to 1.5426 (61.8% of 1.5008-1.4685) and then 1.5390 (MA10d).