GBP/USD breaks above 1.3200 on UK jobs

Cable tested highs above 1.3200 on UK data.
UK’s Average Earnings rose 2.7% on a yearly basis.
Brexit remains the exclusive driver for Cable for the time being.

Pablo Piovano FXStreet

The buying interest is now picking up pace around the Sterling and is lifting GBP/USD back above the 1.3200 handle, or daily highs.

GBP/USD boosted by data, looks to Brexit

Cable picked up extra pace on Tuesday after UK’s Average Earnings inc. Bonus rose at an annualized 2.7%, surpassing initial estimates. In addition, the jobless rate stayed put at 4.0% in August.

Further data saw Claimant Count Change ticking higher by 18.5K, more than forecasted while the Employment Change dropped by 5.0K 3M/3M.

In the meantime, Brexit headlines remains poised to dominate the sentiment around the British Pound, with the Cabinet expected to meet today ahead of the EU’s Brexit working dinner tomorrow.

GBP/USD levels to consider

As of writing, the pair is gaining 0.36% at 1.3201 facing the next hurdle at 1.3258 (high Oct.12) seconded by 1.3299 (high Sep.20) and then 1.3364 (high Jul.9). On the downside, a breakdown of 1.3126 (10-day SMA) would open the door to 1.3119 (21-day SMA) and finally 1.2921 (low Oct.4).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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