The Pound showed a surge at the early opening of the European session this evening supported by the release of the latest UK jobs report.
The number of unemployment benefit claims for last July was not very pleasant with a jump in the figure of 135,000 much higher than previously around 36,200.
The average wage index for the 3-month period ending last June was also lower to 4.5% compared to the forecast of 4.6%, down from the previous reading of 5.7%.
However, the bright spot in the report was the UK unemployment rate which fell to 4.2% from 4.4% in the previous reading, missing forecasts for an increase to 4.5% for the April to June period.
Examining the price movement on the chart of the GBP/USD currency pair, the rising price pattern is seen to continue after the positive price reaction to the published report.
In the past week, investors have received early signals of a change in the price trend after the rebound that occurred from the 1.27000 zone.
After the slow price movement until yesterday's early week opening, the price is seen to continue to rise in the European session this afternoon testing the resistance at 1.28000.
If the price manages to jump higher after clearly passing the resistance, the bullish movement of the price will continue towards the next target at 1.29000.
However, if the price shows a failure to break through the 1.28000 resistance, it is possible that the bearishness could happen again.
The resulting price drop could see last week's focus zone at 1.27000 re-approached.
