UK Jobs Report Will Drive GBP/USD Movement Today

 Investors scrutinized the Pound’s movement earlier this week after a strengthening posted last weekend backed by a tax implementation plan in the UK by Prime Minister Boris Johnson.

The strengthening of the Pound is seen as failing to sustain the possibility of investors being wary ahead of the UK jobs data report to be published at the start of the European session today (Tuesday).

The reading of the report's figures could influence the outcome of the monetary policy meeting of the central bank of England (BOE) next week.

On the chart of the GBP/USD pair, the price is seen showing a decline at the beginning of trading earlier in the week yesterday towards the support of 1.38000.

As soon as the price reached the level of 1.38000, the price started to rise again 50 pips to the high level around 1.38500 before the slow price movement ended the New York market session.

The slow price movement continued at the beginning of the Asian session this morning (Tuesday), hovering below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the GBP/USD chart to give investors an indication of the direction of further price movements.

If the rally manages to continue, the resistance zone at 1.39000 will be re-tested for the third week in a row.

Passing the barrier will push the price up to a higher focus level around 1.40000.

On the other hand, if the price plunges lower below the level of 1.38000, the bearish trend movement of the price is expected to push the price lower towards the support of 1.37000 past last week's support around 1.37300.

Previous Post Next Post