GBP/USD falls towards technical support level ahead of UK Jobs report

At 7am GMT the UK will release its latest monthly and quarterly jobs data, covering the 3 months to September and the claimant counts in October. The markets are expecting a rise in the rate of unemployment in the 3 months to September. The forecast is for that to rise to 4.1% from 4% and any change there is likely to grab the headlines. However, in truth it is what comes in the next 3 months after the UK budget that is likely to do more than that. Meantime, the GBP/USD has fallen to a low at 1.2822 this morning. That is just 3 pips above the 200 day moving average, in place right now at 1.2819. This is a pretty important technical support level. The Pound has held above this since the middle of May this year. It was put to the test in August and it held the downside back then, so it will be important it does the same again now. The GBP/USD closed in the US last night at 1.2868 and the earlier session high was set at 1.2874. It is trading right now at 1.2823