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March 15, 2022

Sterling Rises Ahead of Jobless Claims Results, 20+ PIP Volatility Likely in GBP Parity; March 15, 2022

U.K. Claimant Count Change & Unemployment Rate

Today U.K. has scheduled to release jobless claims and unemployment rate at 0700 GMT/1230 IST. It’s the first indication of the employment situation, released a month earlier than the Unemployment Rate. 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.

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

Feb 15:

Jan 18:

Technical View:

GBP/USD:

The sterling trades marginally higher on Tuesday ahead of U.K.’s Jobless claims results and remains well supported around $1.3040 mark.
Today pair made intraday high at $1.3048 and low at $1.2999 mark.
A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $1.3050 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.2998 will check further supports.

SUPPORTS	RESISTANCES
$1.2998	$1.3050
$1.2981	$1.3072
$1.2955	$1.3096
$1.2912	$1.3122

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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