GBP/USD closer to 1.2900 on UK jobs

The Sterling has recovered the smile on Wednesday following UK’s jobs report, pushing GBP/USD to the upper end of the daily range near 1.2900 the figure.

GBP/USD bid after upbeat data

Cable met a wave of buying orders after the jobless rate ticked lower to 4.4% in June and claimant count change dropped by 4.2K during last month.

Further data also saw auspicious results from wage inflation, with average hourly earnings inc/exc bonus up 2.1% on a yearly basis in June.

The pair has thus managed to leave behind the initial weakness and re-focus on reclaiming the 1.2900 handle.

GBP/USD levels to consider

As of writing the pair is up 0.19% at 1.2895 facing the next hurdle at 1.2927 (50% Fibo of 1.2587-1.3266) followed by 1.2989 (10-day sma) and finally 1.3007 (38.2% Fibo of 1.2587-1.3266). On the other hand, a break below 1.2846 (low Aug.15) would open the door to 1.2808 (low Jul.12) and finally 1.2747 (76.4% Fibo of 1.2587-1.3266).