The monthly labor market data from the UK saw the nation’s unemployment rate holding steady at 3.8%. This was in line with the general estimates.
However, the average earnings for the three months ending December were at 3.2%. This was higher compared to the estimates of a 3.1% forecast. It is also the same level as in the previous period.
GBP/USD Breaks the Falling Trend Line
The currency pair broker past the falling trend line on Tuesday. The current retracement could see prices retesting the breakout level close to 1.3008. If support forms here, we expect the upside bias to continue.
The upside target is at 1.3100. Overall, GBPUSD is consolidating within the levels of 1.3100 and 1.2960.
