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January 26, 2021

Sterling Trades Flat Ahead of U.K.’s Jobless Claims Data, Around 30 PIP Volatility Expected; Jan 26, 2021

U.K. Jobless Claims

U.K. will release job data around 0700 GMT/1230 IST. In addition, U.K. will release average earnings index data which is a leading indicator of consumer inflation – when businesses pay more for labor the higher costs are usually passed on to the consumer. Whereas claimant count change is the first indication of the employment situation, released a month earlier than the Unemployment Rate. 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:

Dec 15:

Nov 10:

Technical View:

GBP/USD: The sterling trades flat ahead of U.K. Job data. The pair made intraday high at $1.3679 and low at $1.3658 mark. A sustained close above $1.3684 will check key resistances at $1.3745, $1.3776 and $1.3802 mark respectively. Alternatively, a consistent close below $1.3672 will check key supports at $1.3635, $1.3552 and $1.3490 mark respectively.

Take a look and do trade wisely!

Good Luck

TP Global FX Research Team

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