British currency declined significantly last week. GBP/USD has broken down the support at 1,2980 and went towards 1,2677.

UK Average Earnings and labor market data were the most influencing last week. Average Hourly Earnings’ growth was less than expected. As for the Unemployment rate, the indicator declined to the record 3,8%.

We expect GBP/USD to reach 1,2677 this week and advise to wait for the clear signals at the chart as there are many uncertainty factors such as Brexit and trade wars between the US and China.