The British pound rose by more than 1 percent during the US session as it rebounded to its second straight session since the beginning of November against the US dollar following economic developments and data that followed on Tuesday the British economy and the lack of economic data by the US economy The world's largest economy with the beginning of this week.
At 5:39 pm GMT, the GBPUSD pair rose 1.24% to 1.3008 compared to the opening levels at 1.2849 after the pair reached a high of 1.3047 and a low of 1.2842.
We have followed the RBA to disclose labor market data which showed the September unemployment rate increased to 4.1% compared to the previous reading and expectations, while the average income index showed accelerated growth to 3.0% in line with expectations versus 2.8% The reading of the applications came at 20.2 thousand applications compared to 23.2 thousand applications, other than expectations at 4.3 thousand applications.
Prime Minister Teresa Mae said Prime Minister Teresa Mae said ministers would be summoned if the text of his country's exit agreement was approved by the European Union, adding that there was no specific date for the cabinet meeting. The United Kingdom of the Union in an orderly manner in Brussels has progressed well and there are few outstanding issues left to complete the agreement.
Technical analysis:
The GBPUSD rallied to break through the 1.2962 level and sits above it, currently hovering around 50 Fibonacci levels, opening the way for further gains in the coming sessions, especially as the price moves above SMA 50, and we are waiting for the ideal arrangement of the averages SMA7-SMA20 and SMA50 heading towards 1.3226 as a positive next station.
The Stochastic indicator gives positive signs of a rally.
Therefore, the bullish trend will be expected for today unless the level of 1.2962 is broken and stability below it again.
The trading range for today is expected among 1.2900 support and 1.3100 support
Support and resistance:
Support: 1.9960-1.2930-1.2860;
Resistance: 1.3000-1.3070-1.3100.
The general trend for today is bullish.