Sterling testing 1.55 handle

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Thursday, Oct 15 2015

Though there were no major data releases this morning from the UK, pair continues its uptrend testing 1.55 handle as a resistance. Sterling rose against the dollar and euro on Wednesday after data showed Britain's unemployment rate unexpectedly fell to its lowest level since mid-2008 in the three months to August, though pay growth was a touch slower than expected.

Britain's unemployment rate fell to 5.4%, down from 5.5% t in the three months to July. The number of people in employment jumped by 140,000, pushing the employment rate to 73.6%, the highest since records began in 1971.The total earnings of workers - including bonuses - rose by 3.0%, edging up from the three months to July, but short of a forecast of 3.1% in the Reuters poll.

Sterling is currently being trade few points below 1.55 area. Pair is likely to find support around 1.5430 level and resistance above 1.5530 handle. Later today, in the US session, CPI, Unemployment Claims, Empire State Manufacturing Index and Philly Fed Manufacturing Index figures are scheduled for a release.

More in this category: « Euro pushed lower after ECB Nowotny comments US CPI decreased 0.2% in September »

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