STERLING LOWER AFTER UK WAGE DATA
The British pound has started to correct lower against the U.S dollar, following a weaker than expected increase in monthly wages earnings from the UK economy. The GBPUSD pair currently trades around the 1.4320 region, after earlier hitting 1.4376, which marked sterling’s highest trading level since the day of Brexit. Traders now look towards the release of U.S macroeconomic data and a host of FED speakers, with the 1.4344 level the key upside pivot level to watch.
The GBPUSD pair is likely to move higher while trading above the key 1.4344 level, resistance is now found at the 1.4376 and 1.4440 levels.
Should the GBPUSD pair start to trade below the 1.4300 level, a price-correction towards the 1.4260 and 1.4230 levels appears possible.