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GBP/USD declined slightly after lower UK wage growth, go short :FxWirePro | October 18, 2017

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Cable has shown a further decline after UK jobs data. UK Jobless rate remains at 4.3%, lowest since 1975. The number of people claiming unemployment benefits increased to 1.7K compared to forecast of 1K. But wage growth shown a minor jump but still below inflation . Pound sterling -0.06% hits intraday low of 1.3140 on weak wage growth.

The near term major resistance is around 1.3225 (34- day EMA ) and any break above will take the pair to next level till 1.3300/1.3325 (20- day MA)/1.3400. The minor resistance is around 1.3180.

On the lower side, 1.3180 will be acting as major support and any break below will drag the pair down till 1.3120/1.30750 level. Bearish continuation can be seen only below 1.3030.

It is good to sell on rallies around 1.3200 with SL around 1.3250 for the TP of 1.3120/1.3075.


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