GBP/USD: the dollar continues to pull the pair down
Current trend
Due to another rise in the US dollar rate, the GBP/USD pair declines, trading around the level of 1.3420.
The British pound is at extremely low levels against other world currencies amid ambiguous macroeconomic statistics. The overall unemployment rate for September fell to 4.3% from 4.5% a month earlier, and the economy received 247K jobs, which is more than 235K. At the same time, the rate of decline in the number of unemployed begins to slow down. Claimant Count for October fell by 14.9K, which is much less than the decline of 51.1K for the previous period. Labor productivity fell by 1.2%, which indicates declining skills of the hired labor force. Thus, the number of workers does not positively affect their quality and does not bring the expected positive impact on the economy.
The American currency received another support after the publication of sales data for October. The underlying retail sales index rose by 1.7%, significantly better than the previous 0.7%. Retail sales also increased by 1.7%, surpassing the September figure of 0.8%. Industrial production fell by 1.6%, beating analysts' expectations of 0.7% growth.
Support and resistance
The asset moves within the global downtrend channel, approaching the support line. Technical indicators keep a sell signal: fast EMAs on the Alligator indicator are well below the signal line, and the AO oscillator histogram forms new downward bars.
Resistance levels: 1.3470, 1.3720.
Support levels: 1.3356, 1.3000.
Due to another rise in the US dollar rate, the GBP/USD pair declines, trading around the level of 1.3420.
The British pound is at extremely low levels against other world currencies amid ambiguous macroeconomic statistics. The overall unemployment rate for September fell to 4.3% from 4.5% a month earlier, and the economy received 247K jobs, which is more than 235K. At the same time, the rate of decline in the number of unemployed begins to slow down. Claimant Count for October fell by 14.9K, which is much less than the decline of 51.1K for the previous period. Labor productivity fell by 1.2%, which indicates declining skills of the hired labor force. Thus, the number of workers does not positively affect their quality and does not bring the expected positive impact on the economy.
The American currency received another support after the publication of sales data for October. The underlying retail sales index rose by 1.7%, significantly better than the previous 0.7%. Retail sales also increased by 1.7%, surpassing the September figure of 0.8%. Industrial production fell by 1.6%, beating analysts' expectations of 0.7% growth.
Support and resistance
The asset moves within the global downtrend channel, approaching the support line. Technical indicators keep a sell signal: fast EMAs on the Alligator indicator are well below the signal line, and the AO oscillator histogram forms new downward bars.
Resistance levels: 1.3470, 1.3720.
Support levels: 1.3356, 1.3000.
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