GBP/USD: remains bullish post FOMC minutes - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained the Sterling Pound eased from the weekly high set at 1.3071 against the greenback, despite quite encouraging employment figures released during the London session.

Key Quotes:

"According to official data, employment rose by 172K in the three months to June, while unemployment rate in the same period, remained unchanged at 4.9%, while average weekly earnings growth picked up to 2.3%YoY from 2.2%.

The GBP/USD pair briefly advanced, up to 1.3059, but quickly reversed gains to consolidate around the 1.3000 figure ahead of US FED's Minutes.

After the release, the pair surpassed the mentioned high, as the FED gave no clear hints for a September rate hike, setting a fresh weekly high at 1.3085.

The short term technical picture is bullish, as in the 4 hours chart, the price holds above a bullish 20 SMA, currently around 1.2950, while the technical indicators have extended to fresh monthly highs within positive territory, maintaining their bullish slopes.

Nevertheless, a break beyond 1.3100 is required to confirm a firmer recovery that can extend up to the 1.3200/20 region during the upcoming sessions."