The British pound received a large boost on Tuesday after the release of upbeat inflation data, with the GBPUSD climbing above 1.3300 for the first time since last September. Has cable room to climb further upwards? Find out in OctaFX’s 13 September GBPUSD technical analysis.
13 September, OctaFX – The economic calendar features several high-profile events on Wednesday, with reports from the Eurozone, United Kingdom and United States set to make headlines. The United Kingdom’s National Statistics will report on August jobs data at 08:30 GMT. The claimant count change is forecast to rise by 600. The ILO unemployment rate likely held steady at 4.4% in the three months through July.
Meanwhile, average earnings excluding bonuses are forecast to rise 2.2% annually between May and July. Including bonuses, average earnings are projected to come in at 2.2% for the same period. The European Commission’s statistical agency will also release a batch of headline data on Wednesday.
At 09:00 GMT, reports on July industrial production and second quarter employment will make headlines. Shifting gears to the United States, the Department of Labor will issue its monthly producer price index (PPI) at 12:30 GMT. Producer inflation is forecast to rise 0.3% in August and 2.5% annually.
13 September GBPUSD technical analysis
The British pound has moved to a new 2017 trading high against the U.S dollar, for a second consecutive day. Price-action broke above the 1.3289 level, hitting 1.3315 during the Asian trading session. During the upcoming European session, GBPUSD traders will await the next directional move in sterling, after the release of key wage earnings and jobs data from the United Kingdom economy.
The GBPUSD pair remains strongly bullish on all-time frames, with price-action fast approaching the trend defining 100-week moving average. Key intraday technical resistance is located at the 1.3328, 1.3347 and 1.3380 levels, with the pairs 100-week moving average, at 1.3398.
Key intraday GBPUSD technical support below the 1.3300 level is located at 1.3289, with the former monthly high, at 1.3268. The daily pivot point is located at 1.3252, with further support coming from the former swing price low, at 1.3228.
The euro fell back below 1.2000 US on Tuesday, as the dollar continued to stabilize against a basket of world peers. The EUR/USD was up 0.2% in Wednesday’s Asian session to trade 15 pips below 1.2000. The pair is trading well above the 21-day simple moving average (SMA) and appears poised to cross back over 1.2000.
WTI OIL analysis
Oil traders will be keeping a close eye on the weekly crude inventory report from the US Energy Information Administration (EIA). At 14:30 GMT the EIA is expected to show a stockpile increase of 2.285 million barrels in the week ended 4 September, following an increase of 4.58 million the week before.
US crude prices have swung back above $48.00 in the aftermath of Hurricane Irma. The contract was last seen trading around $48.30 a barrel. The 15-minute moving averages show a neutral outlook for the commodity, with the RSI hovering near 50 and the MACD slightly above the zero line.
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