Key Points
- The British Pound traded higher above 1.2300 against the US Dollar, and looks set for more gains.
- There was a break above a bearish trend line on the hourly chart of GGPUSD at 1.2220 to ignite an upside move.
- Today, the UK Claimant Change figure was released by the National Statistics.
- The outcome was positive, as there was a change of 0.7K in Sep 2016, better than the forecast of 3K.
GBPUSD Technical Analysis
The British Pound traded higher above 1.2300 resistance recently, and before that it broke a couple of other resistances. There was a break above a bearish trend line on the hourly chart of GGPUSD at 1.2220 and the pair also closed above the 21 hourly simple moving average.
The pair is currently trading with a bullish with support on the downside in the form of a trend line, which can be seen as a buying area.
The pair may climb further higher, and challenge the next resistance, which is at 1.2330.
UK Claimant Change and Employment Report
Today in the UK, the Claimant Change, which presents the number of unemployment people in the UK was released by the National Statistics. The market was expecting a change of 3K in Sep 2016.
However, the result was above the forecast, as the change was of 0.7K, and the ILO Unemployment Rate remained at 4.9% with no change. The report added that “There were 31.81 million people in work, 106,000 more than for March to May 2016 and 560,000 more than for a year earlier. There were 23.23 million people working full-time, 362,000 more than for a year earlier. There were 8.58 million people working part-time, 198,000 more than for a year earlier”.
Overall, the British Pound may soon rise and challenge the 1.2330 resistance, and can even break it.
