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GBP/USD Forecast: focus on wages – FXStreet

FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet comments that the GBP/USD pair saw a short term downward spike to 1.5880 after UK employment figures, as the report shows both, unemployment rates and jobless claims missing expectations.

Key Quotes

“The BOE is about to release its quarterly inflation report, which means things can turn as sudden as it did earlier, but at this point, seems Pound may continue rising against the greenback."

“The 4 hours chart shows price advancing above a mild bullish 20 SMA that currently converges with the mentioned daily low, whilst indicators hold in positive territory, lacking strength at the time being. Price advances towards the week low posted late US session yesterday of 1.5944, so it will take an upward acceleration above 1.5950 to confirm further gains, eyeing first 1.5990 price zone, and later 1.6020/30.”

“The downside seems now more limited, as it will take a break below mentioned 1.5880 to see the pair turning intraday bearish towards recent lows in the 1.5820/30 price zone.”

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