Pound rallies and retreats as UK wages data warrants a closer look

UK wages and jobs data gave the pound temporary respite 18 Oct

As I always warn/advise in my previews let the headless algos do the work and just be ready to jump on, the move.

Classic case in point just now with stronger headline wages data sending GBPUSD to 1.3217 in a rush only to fall back to 1.3175 then a small rally before 1.3160 as I type as traders look at the detail. General USD demand helping too.

I pointed out the fall in wages in real terms and that it has to remain a concern to the BOE on rate hike deliberations.

EURGBP down to 0.8895 in a rush now back to 0.8925

Ranging still when's all said and done. Buy low or sell high as you prefer. Just ignore the noise and hype inbetween.

GBPUSD 15m

EURGBP 15m