Technical indicators for the British pound froze in a neutral position. The price took advantage of this and continued to grow. Optimistic data on the British economy was released yesterday and among them was the monthly construction output which increased 0.8% in volume terms in October.
The UK employment report will be released today and forecasts are mixed: the quarterly unemployment rate is seen higher at 3.7% against the former release of 3.6%, the 3-month moving average for employment may rise from -52,000 to -17,000 and wage growth is projected to rise 6.2%. Eventually, the price may rise to the first target level of 1.2410 and further rise to 1.2598.
On the four-hour chart, the price is on the ascending MACD line. The Marlin oscillator is currently in the green - area of growth. The main assumption is that the price would reach the first target at 1.2410.
