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Long

GBP/USD retreats after UK Jobs data, good to buy at dips

FX:GBPUSD   BRITISH POUND / U.S. DOLLAR
544 0 6
GP/USD has retreated after making a high of 1.5180 at the time of writing after release of UK jobs data.

UK Oct Claimant count Unemployment change decreased to +3.3K vs Prev +4.6K but it is slightly less than forecast of +1.5K. The unemployment rate decreased to 5.3% compared to 5.4%.

Sep average weekly earnings including bonus was at 3.0% compared to forecast of 3.2%.

Wage growth is slightly a miss but it is still looking strong.

Technically it is facing strong resistance around 1.5185 and break above targets 1.5230/1.5270.

On the downside minor support is around 1.5130 and break below will drag the pair further down till 1.5080/1.5050.

It is good to buy at dips around 1.5140-45 with SL around 1.508 for the TP of 1.5225/1.5270
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