GBPUSD Technical Analysis: Bullish Trend Prevailed After UK Unemployment Beat

GBPUSD reached a one-month high

On Tuesday, GBPUSD rose significantly. At one point, it broke above the 1.340 mark, reaching a one-month high.

UK unemployment rate was lower than expected

UK ILO Unemployment Rate (during the three months ending in August) fell from 4.9% to 4.7% Vs. 5% (forecast), according to the data from the Office for National Statistics.

The USDX fell

On Tuesday, as risk sentiment improved, the USDX fell. It ended down 0.26% at 101.71.

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, GBPUSD rose steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that GBPUSD will climb further. Investors should focus on whether GBPUSD will break through the resistance at 1.341. It will jump with potential resistance at 1.346 if it breaks above 1.341.

4-hour chart

On the 4-hour chart, GBPUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether GBPUSD will break through the support at 1.334. It will rise if it retreats but is stable above 1.334.

Key resistance: 1.341,1.346

Key support: 1.334,1.330

Generally speaking, the bullish market trend prevailed in the short term. Investors could buy as GBPUSD retreats during the day.