UK employment data and wage growth figure for the month of August and July are due for release today.
The spot has breached rising trend line ahead of the data release and so has the daily RSI.
This makes the pair extremely vulnerable to weak set of data release. Moreover, a weak data would pour cold water over the optimism that UK economy is holding up well despite Brexit.
Hence, the spot appears on track to revisit recent lows around 1.3060.
In case, the data is upbeat we could see the spot revisit 1.33 handle, however, bearish invalidation is seen only if the pair sees a day end close above 1.3346.
The spot has breached rising trend line ahead of the data release and so has the daily RSI.
This makes the pair extremely vulnerable to weak set of data release. Moreover, a weak data would pour cold water over the optimism that UK economy is holding up well despite Brexit.
Hence, the spot appears on track to revisit recent lows around 1.3060.
In case, the data is upbeat we could see the spot revisit 1.33 handle, however, bearish invalidation is seen only if the pair sees a day end close above 1.3346.
