Yesterday’s employment data from the UK showed an increase in the unemployment rate from 4.0% to 4.3% in September. As a result, the pound lost 120 pips in a single day. However, the price fell just short of the target support level at 1.2708.
Today, the pound will likely focus on testing this level, with additional pressure coming from the dollar. The October CPI data for the U.S. is expected to increase from 2.4% y/y to 2.6% y/y, which could further strengthen the dollar. The next support target is the 1.2612 level, which marks the June low.
On the four-hour chart, the signal line of the Marlin oscillator has turned upward from the lower boundary of its descending channel. This suggests that the price might remain neutral for some time, awaiting the U.S. inflation data to be released in the evening.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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