FxWirePro: GBP/USD recovers slightly after rising UK wage growth, good to sell on rallies

• GBPUSD is continuing its weakness for the 4th week and pair declined almost 900 pips from the high of 1.43767 level. The pair hits low of 1.34600 in previous week and shown a minor recovery from that level. The main reason for drastic selling is weak economic data and more hawkish statement by BOE.
   
• UK jobs report data released today was mixed with jobless claims jumped by 31.2k in Apr and unemployment rate stays unchanged for Apr at 4.2% lowest since 1975 and wage growth is rising which is slightly positive for GBP.
   
• The pair hits intraday low of 1.35238 and slightly recovered. Short term trend is still weak as long as resistance 1.3620 holds. Any break above 1.3620 will take the pair till 1.3680/1.3760.
   
• The major support is around 1.34600 and any break below will drag the pair down till 1.3400/1.3350.

It is good to sell on rallies around 1.3595-60 with SL around 1.3640 for the TP of 1.3460/1.3400.