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GBP/USD sets a positive daily close ahead of key jobs report due shortly

Yesterday the GBP/USD extended the break above its 200 day moving average (1.2542). The high seen came just ahead of the 4pm London  fix and it was at 1.2569. The price action from there on until the US close saw it hold above 1.2542 and later end the US session at 1.2559. It has traded sideways so far today ahead of some important UK jobs data due shortly. That is at 6am GMT and it is the April/March monthly and Quarterly jobs report. The markets are expecting another significant change in the payroll count in the 3 months to March and the underlying rate of unemployment is forecast to rise again, from 4.2% to 4.3%. The level of average weekly earnings will figure in any reaction too and that is expected to remain close to 6%  in March. The range seen so far today in the GBP/USD has been covered by 1.2552 to 1.2562, which is incredibly tight by any measure. The Pound will react to any surprises from this data though. It is currently trading at 1.2557 and an update here will follow once the data is released  
 

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