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Nov 12 - 04:55 AM

GBP/USD - Drops To Eye 1.2800 On UK Jobs Data, 'Trump Trades'

By Rob Howard  —  Nov 12 - 02:45 AM
  • Cable extends south to 1.2801, lowest since Aug 15, following UK jobs data

  • Job vacancies at lowest level since May 2021; jobless rate 4.3% vs 4.1% f/c

  • UK ex-bonus earnings up 4.8% YY, lowest since June 2022 (4.7% was forecast)

  • 1.2819 was Asia low (200DMA), pre-UK data, courtesy of more 'Trump trades'

  • Republicans projected to win majority of House seats in government sweep

  • 1.2798 was Aug 15 low. 1.2835 (last week's low) is now a resistance level

Source:
Refinitiv IFR Research/Market Commentary

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