The pound is losing ground. Data on employment and wages in the UK

The British pound declined against the US dollar after the publication of mixed statistics on the UK.

• Average weekly income, regular payments increased by 2.8%, which is lower than analysts’ forecast at 2.9%.
• The average weekly income, total payments kept their growth at 2.8%, against the expected 2.6%.
• The unemployment rate fell to 4.2%, while analysts had expected the decline to 4.1%.
• The change in the number of applications for unemployment benefits amounted to 11.6 thousand, which is higher than the forecast at 1.1 thousand.

Also, this decline in the GBP/USD pair is due to partial profit-taking after a significant pound’s rise against the US dollar.

Technical analysis: The pair GBP/USD was fixed above the resistance line of the rising channel on H1, which signals about the acceleration of the price growth of the instrument. The main support levels are 1.4280, 1.4220, which also meet the levels of 23.6 and 38.2 Fibonacci on H1. The nearest levels of resistance are 1.4375, 1.4430.

Fig. GBP/USD. The current price is $ 1.4329.

Alexander Sivtsov