GBP/USD has been benefiting from the upbeat market mood which weighs on the dollar. Robust UK job figures and less fear from the virus strains is boosting sterling. Tuesday’s four-hour chart is showing that cable has entered overbought conditions. Can technicals defy fundamentals and pull cable back down? It seems that the answer is no, as the pound has plenty of reasons to rise while the dollar has reasons to tumble down. Read more…
The GBP/USD pair surged to 1.4219 on the back of the persistent dollar’s weakness and better than expected UK data. The kingdom published the ILO unemployment rate for the three months to March, which contracted to 4.8% vs the steady 4.9% expected. Also, the Claimant Count Change fell by 15.1K in April, much better than the 25.6K increase expected. The pair’s positive momentum eased during the American afternoon, as Wall Street was unable to post substantial gains, instead closing mixed. Read more…
The British pound rose to the highest level since February 24 after the strong economic data from the UK. The data showed that the country’s unemployment rate declined t0 4.8% in March as the government started its gradual reopening. This decline was better than the median estimate of 4.9%. At the same time, the economy added 84,000 jobs in the past three months to March, better than the median estimate of 50,000. Read more…
