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GBP/USD holding gains so far ahead of UK monthly jobs report

At 7am GMT the UK will release its latest monthly jobs report covering the October payroll count and the 3 month period to September. There are quite a few components within this data and the key one for the Bank of England is probably the latest average earnings numbers. The markets expect that to show wages rising by 7.7% in the 3 months to September, compared to a previous increase of 7.8%. An update here will follow once all the data is released. Ahead of this the pound has held the gains seen yesterday versus the dollar. The GBP/USD closed last night in the US at 1.2279, which was technically positive, as it was above the noted 50 day moving average, at 1.2261. The range seen overnight and so far this morning has been covered by 1.2266 to 1.2281, so as you can see, it has remained above that moving average since the US close. The pound will surely react to any major surprise in the jobs data this morning. It is just now trading at 1.2273

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