Employment Couldn’t Push GBP/USD Higher but the 100 SMA Can - Forex News by FX Leaders
GBP/USD bounced 50 pips higher fro the 100 SMA

Employment Couldn’t Push GBP/USD Higher but the 100 SMA Can

Posted Tuesday, March 19, 2019 by
Skerdian Meta • 1 min read

The employment report and the earnings report released this morning from the UK were quite impressive once again. Unemployment rate ticked lower to 3.9% from 4.0% and the employment change increased considerably by 222k new jobs against 120k expected in February, which was the biggest rise since November 2015.

The average earnings index showed that the pace of wage growth for January remained unchanged at 3.4% 3-month/year against a decline to 3.2% expected, while the average weekly earnings increased by 3.7% year-on-year which is the biggest increase since 2008.

But, with Brexit around the corner and the third meaningful Brexit vote in the British Parliament this week or next week, the economic data will have difficulties moving the markets. The GBP ignored the numbers totally two hours ago but it is moving now and the 100 SMA (green) is doing the heavy work.

This moving average caught up with the price yesterday and it provided solid support despite being pierced briefly. Today, it got pretty close to the price after the employment and earnings reports were released and it pushed GBP/USD higher. So, this moving average looks like a good indicator to go long on this pair from.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments