Home Analysis GBP/USD is gaining traction on UK employment data

GBP/USD is gaining traction on UK employment data

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GBPUSD is gaining traction on UK employment data - forexspacex.com

The British pound caught investors’ attention on Tuesday morning on stable UK employment data. According to the UK Office for National Statistics, employment remained at 3.8% for the month of June. Meanwhile, the dollar index also trades in a bearish zone, extending its decline below the 107.00 level. This is moderately bullish for GBP from a fundamental perspective. The price is slowly moving higher towards the major psychological resistance level at the 1.2000 mark on the hourly chart. If bulls manage to break this resistance level, we can witness a steady increase after the breakout. 

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