GBP/USD: Possible Rise

#trading_idea 💥

🔼Sterling rises after UK unemployment rate unexpectedly falls


💸GBP/USD: The pound strengthened on Tuesday after unexpected data revealed a drop in the UK unemployment rate for June. The jobless rate fell to 4.2%, down from 4.4% in May, defying expectations of a rise to 4.5%. In response, sterling climbed 0.24% to $1.2797, up from $1.2779 before the data release. Meanwhile, the euro slipped 0.15% against the pound, trading at 85.49 pence.

💷 Despite the positive job market news, wage growth excluding bonuses slowed slightly, with average weekly earnings up 5.4% year-on-year in the three months through June, compared to 5.8% in May.


🔼We might see a break of the1.2799 key level, with a possible further rise to 1.28484 and 1.28859.

🔽Alternatively, the price may down back to test 1.27515 support.

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😎 Hit "👍" if you believe the price will rise and "👎" if you foresee it dropping.