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Currency Analyst since 2010

GBP/USD touched $1.5825

GBP/USD spiked to $1.5825 on better-than-expected labor market data and is now trading in the $1.5770 area.

The number of unemployed in the UK declined by 32.6K vs. 21.2K expected. The nation’s unemployment rate fell from 7.8% to 7.7%. Note that the Bank of England announced in August that it will keep interest rates low until jobless rate falls to 7%. As the indicator’s moving closer to that point sterling’s becoming stronger as the market players think that the central bank will raise rates sooner than it was expected.

Resistance: $1.5825, $1.5845 (Feb. 8 high) and 1.5875 (Feb.1 high). Support is at $1.5718, $1.5685, $1.5605.

Chart. H1 GBP/USD

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