GBP/USD Outlook (11 November 2020)

FX:GBPUSD   British Pound / U.S. Dollar
Overall, GBP/USD is trending upwards. Recently, GBP/USD broke the resistance zone of 1.32200.

The UK employment data released yesterday indicated an increase in unemployment rate for the third consecutive month. Nonetheless, the number of people claiming for unemployment benefit continued to decline as opposed to the forecast increase while average total pay among employees from July to September has increased more than expected.
  • Average Earnings Index 3m/y (Actual: 1.3%, Forecast: 1.0%, Previous: 0.1% revised from 0.0%)
  • Claimant Count Change (Actual: -29.8K, Forecast: 20.3K, Previous: -40.2K revised from 28.1K)
  • Unemployment Rate (Actual: 4.8%, Forecast: 4.7%, Previous: 4.5%)
GBP/USD’s next support zone is at 1.32200 and the next resistance zone is at 1.34600.
Look for buying opportunities of GBP/USD.

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