GBP/USD – A Bearish Red Flag?

Forex Signals – UK labour market healthy as furlough scheme prepares to draw to a close

The pound slid following the release of the UK jobs report on Tuesday, despite the headline numbers looking broadly positive for the country.

Forex Trading Analysis Trend Lines

The UK labour market looks in a very strong position as the furlough scheme continues to be phased out. The data today is very encouraging, from the drop in the headline unemployment rate to the payrolls.

GBP/USD Exchange Rate Gains

We shouldn’t get too carried away with the earnings data at this point, though, with it being largely due to the base effects, as millions saw wages or hours reduced last year following the introduction of the furlough scheme.

Falling and Rising Wedges

Despite the data appearing encouraging, the p

GBP/USD – A Bearish Red Flag?

What concerns me about this is that some seemingly good data preceded a drop in the currency. While this may not be a bearish signal, in itself, it’s at least a red flag that casts doubt on its ability to rebound.

Invest Early to Retire

The key level below remains the 1.3650 region, which is the lower end of the 200/233-daily SMA band which has supported the pair during its ascent. A move below here would be a very negative development.

Forex Breakouts from Fadeouts

Should the pair rally, 1.38 could be the first test of resistance, with it having provided support over the last week.

GBP/USD – A Bearish Red Flag?

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GBP/USD – A Bearish Red Flag?