The monthly unemployment report from the UK showed that the rate held steady at 3.8%. Wage growth was also positive, rising 3.1% or about 3.4% without adjusting for inflation on a year over year basis. Economists forecast that wage growth would slow. Revision to previous data saw the wage growth being revised from 3.1% to 3.3%. The sterling managed to post some modest gains on the back of the unemployment report.
GBPUSD Attempts to Breakout From its Range
The currency pair attempted to push to the upside as price managed to recover within the range. GBPUSD is seen once again trading at the top end of the range at 1.2716. As long as price holds this level, we could expect to see further gains in store. The next upside target is seen at 1.2895 where resistance is most likely to form.
