GBP/JPY Completes 61.8% Fibo While The U.K’s Avg Earnings Disappoints!
Arslan Butt • 1 min read
One of the most awaited economic events of today is already out now. I’m speaking about the U.K. labor market figures. Earlier today, in our Aug 14 – Economic Event’s Brief, we spoke about the expectations from the U.K. employment report. I must say, that failed to surprise the market.
U.K. Employment Report
- The average hourly earnings plunged to 2.4% from 2.5% previously.
- The jobless claims also fell short of expectations. Economists were expecting it to be 2.3k while the actual figure showed a rise of 6.2K.
- Lastly, the unemployment rate is down from 4.2% to 4%. It tried to compensate the negative data but looks like the investors are confused on mixed figures.
Technically speaking, the GBP/JPY has already completed 61.8% retracement at 142.250. The same level is working as a solid hurdle for the pair. Taking a look at the 4- hour chart, you can see Japanese cross has formed a bearish candle exactly after testing 61.8% retracement level.
Is it a signal of bearish reversal?
Well, time will tell. But it’s worth taking a risk with a small sell position below 142.650 to target 141.852. Good luck!