GBPUSD

GBPUSD

The UK unemployment rate remained unchanged at a 42-year low of 4.2%, in line with forecasts. Average earnings, excluding bonuses, rose by an annual 2.9% in the three months to March, from 2.8% previously

In the upcoming week, UK CPI Inflation and GDP for the first quarter will be in focus. The CPI is expected to stay at 2.5% in April in year-on-year basis. On the other hand, Core inflation is expected to ease to 2.2% from 2.3%

Additionally, The UK GDP is expected to come out at 1.2%, as the same as initial estimate. A higher than expected reading should be taken as positive for Sterling.

The GBPUSD pair has been falling for five weeks and it is now trading below the 1.3447 daily level. As long as the price stays below that level on a daily basis, the downward movement may continue and the support level is given at 1.3338. On the other hand, If the price goes beyond 1.3447, the next resistance level will be at 1.3536

Support: 1.3338 – 1.3241 – 1.3198

Resistance: 1.3447 – 1.3536 – 1.3652

21 May 18 (Mon)

06:23 am



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