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12.03.2024 12:35 PMAverage wages in the UK lagged, increasing by just 6.1% over the last three months of the previous year, the lowest growth since October 2022 and below the 6.2% increase in the preceding period. Forecasts said it will remain at 6.2%. Meanwhile, the unemployment rate rose from 3.8% to 3.9%, surpassing the forecast of 3.8%. The number of new jobs fell to 21,000.
These data, along with the expectation that US inflation will increase from 0.3% to 0.4% and stabilize at a yearly rate of 3.1%, may exert additional pressure on the pair.
Technical outlook and trading idea:
The price currently lies under the Bollinger Bands, below SMA 5 and SMA 14. The RSI also decreased, crossing the 50% level. Similarly, the stochastic indicator turned down again.
Most likely, breaking through the resistance level of 1.2790 will strengthen the downward trend, which will lead to a decline towards 1.2725.
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