Sterling Slightly Up Ahead of U.K.’s Employment Data, May Get 25+ PIP Volatility During Fundamental News; Nov 16, 2021
U.K. Claimant Count Change
Today the key indicator from the U.K. will be employment results scheduled 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. 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:
- The sterling rises gradually against U.S. dollar ahead of U.K.’s Claimant Count Change and trading above $1.3430 mark.
- Today pair made intraday high at $1.3438 and low at $1.3404 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1.3451 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3405 will check further supports.
Take a look and do trade wisely!