Current trend
On Wednesday, the GBP/USD pair managed to strengthen despite mixed labour market statistics, released in the UK.
According to the Office for National Statistics, the Unemployment Rate for July to September declined from 5.4% to 5.3%, while analysts expected the indicator to remain unchanged at 5.4%. At the same time, Average Earnings grew by only 2.5% that is below the forecast of 2.7% and the previous level of 2.8%.
In his speech at the Open Forum 2015, Bank of England governor Mark Carney emphasized the important role of the UK as the "pre-eminent global financial centre". 40% of global foreign exchange trading, half of all trades in OTC interest rate derivatives and two-thirds of trading in international bonds go through London.
Support and resistance
The price is trading close to the key resistance level of 1.5250. This level would be broken out only if the US dollar comes under after the Fed representatives' speeches, due today.
Support levels: 1.5171 (MA40).
Resistance level: 1.5250 (28 and 29 October lows).
Trading tips
Short positions can be opened at the current level with the target at 1.5171 and stop-loss at 1.5250.
On Wednesday, the GBP/USD pair managed to strengthen despite mixed labour market statistics, released in the UK.
According to the Office for National Statistics, the Unemployment Rate for July to September declined from 5.4% to 5.3%, while analysts expected the indicator to remain unchanged at 5.4%. At the same time, Average Earnings grew by only 2.5% that is below the forecast of 2.7% and the previous level of 2.8%.
In his speech at the Open Forum 2015, Bank of England governor Mark Carney emphasized the important role of the UK as the "pre-eminent global financial centre". 40% of global foreign exchange trading, half of all trades in OTC interest rate derivatives and two-thirds of trading in international bonds go through London.
Support and resistance
The price is trading close to the key resistance level of 1.5250. This level would be broken out only if the US dollar comes under after the Fed representatives' speeches, due today.
Support levels: 1.5171 (MA40).
Resistance level: 1.5250 (28 and 29 October lows).
Trading tips
Short positions can be opened at the current level with the target at 1.5171 and stop-loss at 1.5250.