Yesterday’s UK employment report for the three months ending November clocked in at the highest rate for 2019. Wages posted solid gains and are keeping inflationary pressures elevated, which is expected to keep the Bank of England in a holding pattern. Forex traders now await CBI data, predicted to further improve in January. The GBPAUD has pushed out of its horizontal support area, where is price action headed to next? Today’s fundamental analysis will take a look at price action in both directions.

Australian consumer confidence continued to contract in January, as the fire season battered the economy. In a bright spot, skilled vacancies have increased, and fore traders are now awaiting more commentary out of the RBA as well as the government. The GBPAUD is adding to its gains, but will bulls be able to keep the rally alive or are bears lingering around the next candlestick? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.