The pair was heavily influenced by the much better than expected numbers for the Claimant Count Change and as a result, price moved comfortably above the key resistance located at 1.5720.
Technical Outlook
The key level of 1.5720 was breached decisively at the time of the important UK data release and the
bullish momentum continued throughout the day. However, the Relative Strength Index is showing overbought conditions even on a daily chart so a retracement lower may be next. If this indeed happens, the first point of interest is represented by the same level of 1.5720 which may now turn into support. The next resistance is located at 1.5850.
Fundamental Outlook
The main event of the day is the appearance and speech of BoE Governor Mark Carney at the Inflation Report Hearings. The event is scheduled at 09:00 am GMT and will most likely generate strong movement, overshadowing the technical aspect. Written by: Bogdan Giulvezan
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