FxWirePro: GBP/USD dips on weak UK jobs survey, fiscal uncertainty

• GBP/USD declined on Tuesday as weak UK jobs survey and fiscal worries pressured the UK currency.

• Financial markets are bracing for another round of tax increases from UK Chancellor Rachel Reeves in the Autumn Statement, due later in November, as Rachel Reeves seeks to contain the UK’s swelling debt burden.

• A survey of recruitment firms released Friday shows Britain’s job market remains sluggish, with pay stagnant as employers fear possible tax hikes in Finance Minister Rachel Reeves’ November budget.

• Data from the Recruitment and Employment Confederation for September showed continued sharp declines in hiring, though the fall in permanent staff was the mildest in 12 months.

• At GMT 11:40,the pound was down 0.21% at 1.3276 against the dollar.

•   Immediate resistance is located at 1.33160(Daily high), any close above will push the pair towards 1.3391 (38.2%fib)

•  Strong support is seen at 1.3257(23.6%fib) and break below could take the pair towards 1.3233(Lower BB).

  Recommendation: Good to buy around 1.3270 , with stop loss of 1.3350 and target price of 1.3220