Nov. 11, 2020
After starting the day at 1.3269, GBP/USD rallied to 1.3296, hitting its highest point in 2 months, It later lost 80 pips and is now trading at 1.3215
On the flip side, United Kingdom Claimant Count Change (Oct) released earlier shows an improvement to -29.8 from the preceding data of -40.2, but falls short of the projected 50. Data for United Kingdom Average Earnings Index +Bonus released on Tuesday at 7:00 AM came out at 1.3, beating projections of one and showing improvement over the preceding figure of 0.1.
Meanwhile, United Kingdom Employment Change 3M/3M (MoM) (Sep) fell short of the -148 projections, at -164 and continued its downward trajectory from the previous figure of -153.
The British Pound's nearest support level is at 1.3065, followed by 1.2905 at the next level.
Taking a wider perspective, performance of these other symbols usually suggests a setback for Sterling, as the Pound/Yen lost 37 pips from the start of the session, trading at 139.28 levels. The Canadian Dollar is trading around 1.3057 (up 29 pips).
Positive performance can be seen looking at other symbols as the Kiwi is trading around 0.6884 after starting the session at 0.6832 (up 0.76%).
At the same time, USD/SGD is trading around 1.349.
The market will keep its eye on the following upcoming macroeconomics indicators: United Kingdom Manufacturing Production is projected to outperform last figure by one while it previously stood at 0.7, data will be released tomorrow at 7:00 AM. The United Kingdom's GDP is expected tomorrow at 7:00 AM. United Kingdom Monthly GDP 3M/3M Change is scheduled for tomorrow at 7:00 AM. United Kingdom BoE Gov Bailey's speech is expected tomorrow at 8:00 AM.