The monthly jobs report from the UK saw the average hourly earnings rising more than expected. Earnings index rose 3.4%, beating estimates of a 3.1% increase. Data for the previous release was revised higher to show a 3.2% increase in the three months to the year basis. The UK’s unemployment rate held steady at 3.8%. The sterling was however unmoved as concerns of a no-deal Brexit overshadowed the economic data.
GBPUSD at Fresh Two-Year Lows
The currency pair slipped to a fresh two-year low as it tested 1.2395 briefly. Price action remains weak especially after breaking past the previously established lows. In the short term, we could expect to see a modest rebound to 1.2450 level. This could act as resistance which will keep the downside bias intact.
