Global macro overview for 11/09/2018

According to earlier market leaks, the Governor of the Bank of England, Mark Carney, will extend his term of office until the end of January 2020. The decision was made by the Chancellor of the United Kingdom, Phillip Hammond. Previously, Carney's term was to expire by the end of June 2019. The extension of the presidency is to ensure the stability of monetary policy during the Brexit process. Additional information is the re-appointment of Vice President Jon Cunliffe.

In the other news, the data from the British labor market offer positive developments for GBP. In July, salaries increased by 2.6% y / y with a 2.4% maintenance forecast With the exception of bonuses, wage dynamics accelerated to 2.9%. from 2.7 percent and expected 2.8 percent. The unemployment rate, as expected, remained at 4.0%.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. Better data gives fresh impetus to sustain the appreciation of the pound, which has been sustained since the positive news on Brexit on Monday. GBP/USD has jumped 20 pips to 1.3080, just below the daily high at 1.3085. The next target is seen at the level of 1.3191 and the immediate support is seen at the level of 1.2956.

analytics5b97ef2f61eed.jpg

The material has been provided by InstaForex Company - www.instaforex.com