GrowthAces
Short

EURGBP: Stay short for 0.8860

FX:EURGBP   Euro / British Pound
Job creation in Britain slowed in the three months to August. The number of people in work rose by 106k between June and August, down from gains of more than 170k in each of three previous readings. The unemployment rate held at a nearly 11-year low of 4.9%, in line with market expectations.
The Office for National Statistics said workers' total earnings including bonuses rose by an annual 2.3%, as expected and compared with 2.4% in the three months to July. Excluding bonuses, earnings rose by 2.3% yoy against expectations for a 2.1% yoy rise.
Inflation rose to 0.9% in September and is expected to climb sharply towards 3% by the end of next year, reflecting the sharp fall in the value of the pound since the Brexit vote and threatening to hurt the spending power of workers. The Office for National Statistics said in real terms - measuring regular pay against inflation - earnings rose at their slowest pace since February 2015.
The GBP strengthened after British jobs report. There are two important support levels ahead – yesterday’s low at 0.8914 and 14-day ema at 0.8907. Breaking below these levels will open the way to our short-term position target at 0.8860.
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