Market Overview

GBP/USD Forecast: Downside Remains Limited

GBP/USD Forecast: Downside Remains Limited

GBP/USD Current Price: 1.2857

  • UK employment data came in mixed, with wages’ growth below the market’s expectations.
  • The United Kingdom will publish its latest inflation data this Wednesday.

The GBP/USD pair held within familiar levels this Tuesday, as UK signs were mixed. The kingdom released employment data, with the unemployment rate down to 3.8% in the three months to September, while employment fell by 58K in the same period, beating the market’s expectations. However, wages growth was weaker than expected, up by 3.6% YoY including and excluding bonus.

Brexit Party leader, Nigel Farage got hit by Nicola Sturgeon after his decision not to contest seat that where won by the Tories in the 2017 general election, although he refused to make additional concessions. Mrs Sturgeon is concerned that a Tories’ victory will play against her desire for Scotland’s independence.

The United Kingdom will release October Inflation data this Wednesday. The monthly CPI is seen down by 0.1%, while the yearly reading is seen at 1.6%, slightly below the previous 1.7% reading. Core annual CPI is seen steady at 1.7%.

GBP/USD Short-Term Technical Outlook

The GBP/USD pair is ending the day little changed in the 1.2850 price zone, having traded within Monday’s range. The pair met support at the 23.6% retracement of its latest daily advance but held below its previous highs. In the 4-hour chart, the pair is confined to a tight range between directional moving averages, with a flat 100 SMA capping advances. Technical indicators in the mentioned chart offer a neutral-to-positive stance, bouncing just modestly from around their midlines.

Image by Thanks for your Like • donations welcome from Pixabay

Posted-In: Earnings News Eurozone Commodities Politics Forex Global Markets


Related Articles

View Comments and Join the Discussion!
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

MediPharm Labs Q3 Revenue Rises 38%, CEO Says Increase Driven By Private Label Business, Exports

EUR/USD Forecast: Bearish Momentum To Accelerate Once Below 1.0990