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GBP/USD pressing higher following positive UK jobs report

The latest UK monthly and quarterly jobs report has just been released. The October payroll count was expected to show a decline of 17k, after falling by 11k in September. It has actually risen by 33k. The underlying unemployment rate in September was expected to rise to 4.3%, from 4.2%. It has actually remained at 4.2%. Average weekly earnings (ex bonus) has come out in line with expectations, at 7.7%, but the data including bonuses has risen to 7.9%, from 7.3%. Ahead of this the GBP/USD was close to session highs, trading above 1.2275. The reaction so far has been positive and that wages data is throwing a spanner in the works for the Bank of England. On balance this was a good set of reports and that has helped to push the GBP/USD to fresh highs. Now some in the markets are dismissing this due to the new way it has been collected and that might be taking the edge off what could have been a stronger reaction in the currency. The next resistance level of note beyond the November 9 high, at 1.2309 is the November 7 high, at 1.2344. The GBP/USD is just now trading at 1.2282
 

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