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Instrument: GBPUSD
Bullish Preference:
Buy position is envisaged if price trades above 1.23127 WithTake profit at 1.23258
Bearish Preference:
Sell position is envisaged if price trades below 1.22870 with Take profit at 1.22750
Fundamentals:
8:00AM GBP: Claimant Count Change
2:30PM USD:Core CPI m/m
Comment:
The British pound found support after UK labor data (see economic calendar below) showed signs of resilience in the face of a tight monetary policy environment. Unemployment missed estimates while average earnings including bonuses beat forecasts; possibly contributing to upside inflation concerns. Headline employment change supplemented a tight labor market narrative by moving back into positive territory for the first time since April this year.
Analysis: SCRUM Team
