News and prognosis of the price of the pound sterling: GBP/USD – The minor grade wave can be developing

GBP/USD: The minor grade wave can be developing as a triangle

After reviewing the last price action in GBP/USD, It is clear that I initially advanced a degree. What seemed to be a greater degree movement now resembles the action of the price that takes place within a lower degree wave of the largest impulsive wave (1).

The wave counting has become clearer after a clean advance of five waves to wave 3, which has been followed by a remarkable deceleration in the impulse. This deceleration is typical of wave behavior 4, particularly in the form of a triangle in execution, as we could see at this time. Read more…

GBP/USD forecast: the sterling pound becomes fragile behind the United Kingdom’s employment data

GBP/USD remains under strong bearish pressure on Tuesday and quotes below 1,3500 while the sterling pound fights to find demand after the April Employment Report. The technical perspectives suggest that the torque could extend its fall in the short term.

The United Kingdom National Statistics Office reported Tuesday that ILO unemployment rate increased 4.6% in all three months until April. This figure marked the highest reading since June 2021. Other details of the report showed that annual salary inflation, measured by the variation of average gains excluding bonds, softened 5.2% from 5.5%. This data was below the market expectation of 5.4%. The sterling pound struggles to find demand while investors evaluate the increase in the level of unemployment and the softening of salary inflation as important factors that could lead to more rates cuts by the Bank of England (BOE) later this year.Read more…

Source: Fx Street

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