Global macro overview for 14/09/2016:
Important data from the UK job market has surprised market participants this morning. The Claimant Count Change data was slightly higher than anticipated (2.4k vs. 1.7k expected and -3.6k prior), Average Earnings were slightly better than expected ( 2.3% vs. 2.1% expected and 2.5% prior) and Unemployment Rate remained unchanged at the level of 4.9%. The most important data seems to be the earnings as they are holding up quite well the month after Brexit. In conclusion, it looks like the market participants are quite happy as long as the earning are above 2.0% level, otherwise the further pound drop would accelerate immediately.
Let's now take a look at the GBP/USD technical picture on the 4H time frame. After the golden trend line violation the market bounced up in order to test this trend line again from the downside. This technical resistance at the level of 1.3234 is now a key level for both bulls and bears, but the bias is slightly skewed to the downside due to the trend line breakout. The next support is seen at the level of 1.3159.
