Free Trial

UK Data Fails to Take GBP/USD Above $1.3350

GBP
MNI (London)
  • UK Unemployment increased to 4.9% in October, vs 4.8% in September, but missed the forecast call of 5.0%.
  • Data provided GBP with a mild lift but so far fails to provide the momentum to take GBP/USD above $1.3350 (react high $1.3348, matching the earlier Asian high). Failure to break higher sees rate back at $1.3331.
  • A break of $1.3350 to expose the 38.2% retrace of Monday's corrective pullback from $1.3446 to $1.3310 at $1.3362, with 50% at $1.3378, 61.8% $1.3394 and 76.4% $1.3414. Support remains at $1.3310/00.
  • Brexit trade negotiation headlines remain the key key driver for GBP direction.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.