Strong jobs report continues to resonate
Cable caught a final big bid into the close of European stock market trading and hit 1.5220. Afterwards GBP/USD dipped back below 1.5200.
But the bid as back again and cable is up to 1.5220, matching the high.
Technically, it's entering an interesting zone of resistance. The late-September low is at 1.5245 and the 50% retracement of the recent slump is at 1.5261.
What's next
The US dollar has held up well on most crosses after the big push last week. To me, that's a good sign for the dollar.
The UK jobs report was good news at +177K vs 120K expected but average weekly earnings were down to 3.0% compared to 3.2% expected.
