UK Jobs report in the spotlight shortly this morning- GBP/USD holding above recent lows

Yesterday the Pound fared relatively well in the face of renewed dollar strength and a drop below 1.0900 in the EUR/USD, coupled with a push very close to the 150 handle in the USD/JPY. The GBP/USD resisted a fall below the low seen last week at 1.3022. The low seen yesterday was set at 1.3030. The Pound later closed in the US at 1.3059. It is lower this morning though and once again it is the EUR/USD that is delivering that, notwithstanding a push lower in the EUR/GBP. So, the Pound is hanging in there for now ahead of the latest UK jobs report, at 6am GMT this morning. That data could decide if the GBP/USD will have a closer inspection of that 1.30 handle, or not. The markets are expecting a fall back in average wages this morning, with the underlying rate of unemployment in the 3 months to August remaining unchanged, at 4.1%. If the level of wages falls substantially, then it could add pressure on the BOE to cut rates, but the base case still remains for the UK Central Bank to wait until after the October 30 Budget before deciding on that. The range in the GBP/USD so far today has been covered by 1.3041 to 1.3069. It is currently trading at 1.3043