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GBP/USD managed to get above 1.59 before UK data

FXStreet (Moscow) - GBP/USD recovered from yearly low at 1.5876 posted in Asia to current 1.5906.

The pound is getting prepared for new reports, coming back above 1.59 resistance. And the next test for the pound comes today, as Labor data is scheduled for release. The market will be focused on the Average Earnings growth rate, trying to figure out whether it’s faster than inflation. If this time the numbers come out above expectations, the cable will have a chance to rebound with initial target at 1.5967. Positive Claimant Count change will most probably be ignored by the market, as these numbers won’t have significant impact on the BOE decision-making.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.5967, with support below at 1.5834, followed by 1.5765 and 1.5632 with resistance above at 1.6036, followed by 1.6169 and 1.6238. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6063, and the daily 20EMA bearish at 1.6168. Hourly RSI is bearish at 42.

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