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GBP / USD failed to rise above 1.32

The GBP / USD pair today reacted very calmly to the publication of the labor market report. According to the presented data, the unemployment rate rose from 4.5% to 4.8%, which coincided with the forecast expectations. Average wages grew by 1.3% against the forecast of 1.0%. The number of applications for unemployment benefits decreased by 29.8 thousand against the forecast of +50.0 thousand.

 

The weak market reaction to macroeconomic statistics from the UK is due to the fact that now all the attention of investors is riveted on news related to Brexit. There is very little time left until the negotiations are completed, and the parties have not been able to achieve significant progress in the negotiations. The likelihood of Brexit without agreement is growing.

 

A tough political struggle continues in Great Britain itself. The day before, the House of Lords passed an amendment to the Internal Market Act. According to the new clause, goods from Northern Ireland will enter the UK market without hindrance. A number of other points were excluded from the bill. Johnson's government is demanding that the bill be passed in its original form.

 

An ambiguous situation has now formed on the chart. The struggle for the level 1.3175 continues. Fixation above this mark will open the way to the level 1.3255. If the sellers turn out to be stronger, we can see a decline to 1.3065.

 

  • Resistance levels: 1.3175, 1.3255, 1.3350;

 

  • Support levels: 1.3110, 1.3065, 1.3000.

 

The main scenario - decline to 1.3065.

 

Alternative option - growth to 1.3255

 

The current fundamental outlook is moderately negative. We consider shorts with very moderate risks from the level of 1.3175.

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