Sterling rises noticeably ahead of U.K.’s jobless claims results, 25+ PIP Volatility likely in GBP parity; Feb 23, 2021
U.K. Claimant Count Change & Unemployment Rate
Today U.K. has scheduled to release job results around 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. Unemployment is also a major consideration for those steering the country’s monetary policy.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The sterling climbs sharply against U.S. dollar ahead of U.K.’s job data. The pair made intraday high at $1.4084 and low at $1.4055 mark. The Day and H1 chart confirm the bullish trend for the time being. The expected range for the parity will be $1.4187 to $1.4030 mark. A consistent close of either side will give future directions to the parity.
Key Resistances: $1.4105, $1.4138, $1.4187, $1.4222
Key Supports: $1.4030, $1.3989, $1.3951, $1.3910
Take a look and do trade wisely!