GBP gains on strong UK job growth

Pound Sterling gains on strong UK job growth

The Pound Sterling (GBP) edges higher but remains below the crucial resistance of 1.3100 against the US Dollar (USD) in Tuesday’s European session. The GBP/USD pair gains slightly, but its near-term outlook remains uncertain as the US Dollar holds Monday’s gains.

The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, clings to gains near 101.60, with investors focusing on the United States (US) Consumer Price Index (CPI) data for August, which will be published on Wednesday. Read more…

GBP/USD Forecast: Strong resistance forms at 1.3130

GBP/USD closed the first trading day of the week in negative territory and continued to edge lower in the Asian session on Tuesday. After touching its lowest level in nearly three weeks at 1.3058, the pair staged a modest rebound. Nevertheless, the near-term technical outlook suggests that the bearish bias remains intact.

The UK’s Office for National Statistics (ONS) reported on Tuesday that the ILO Unemployment Rate edged lower to 4.1% in the three months to July from 4.2%, as expected. The Employment Change came in at 265K in the same period, up sharply from 97,000 previously, while the annual wage inflation, as measured by the change in the Average Earnings Excluding Bonus, declined to 5.1% from 5.4%. Read more…