Forex traders will get key employment data out of the UK this morning. Despite Brexit uncertainties, employers have added jobs and more importantly wages have risen. This will ultimately keep the Bank of England sidelined as wage inflation is on the rise and provide a floor for the British Pound moving forward. Will today’s data deliver? The GBPAUD has started to retrace part of its powerful advance which spanned almost 800 pips over a four week period. Will price action slide further to the downside and into support or will a breakout keep the rally alive? Subscribe to the PaxForex Daily Fundamental Analysis and take the profitable side of this trade.

Australian consumer confidence retreated slightly from multi-week highs while business confidence as well as business conditions for August retreated further. The Australian economy is heavily dependent on China which is maneuvering through the trade war the US started. As a result, the Chinese PPI slipped further into deflationary territory and forex traders are closely monitoring how the People’s Bank of China will react. The Australian Dollar remained well supported despite the weak confidence data which kept the GBPAUD hovering just below resistance levels. Will price action accelerate to the downside or is a breakout on the horizon? Today’s fundamental analysis will cover both directions in this currency pair.