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October 13, 2020

Expect 25+ PIP Movement in GBP/USD During U.K.’s Job Data Release

U.K. Jobless Claims & Unemployment Rate

U.K. is going to release job data at 0600 GMT/1130 IST. Although it’s generally viewed as a lagging indicator, the number of unemployed people is an important signal of overall economic health because consumer spending is highly correlated with labor-market conditions. Unemployment is also a major consideration for those steering the country’s monetary policy. If actual data comes less than forecasted one, it will be good for GBP.

Let’s see how GBP has reacted during the previous data release:

Sept 15

Aug 11

Technical View:

GBP/USD: The pound falls gradually on Tuesday ahead of BoE job data. Today pair made intraday high at $1.3068 and low at $1.3037 mark. A sustained close above $1.3063 will drag the parity up towards $1.3092, $1.3122, $1.3154 and $1.3182 mark respectively. Key support levels are seen at $1.3002, $1.2950, $1.2912, $1.2854, $1.2822, $1.2752, $1.2723, $1.2675, $1.2632, $1.2602 and $1.2570 mark respectively.

Take a look and do trade wisely!
Good Luck

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