Sterling Trades Flat Ahead of U.K.’s Jobless Claims Results, 20+ PIP Volatility Likely; June 15, 2021
U.K. Jobless Claims & Unemployment Rate
Today U.K. will release Job Results at 0600 GMT/1130 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. If the Actual reading comes less than forecasted, It will be good for GBP.
Let’s see how GBP has reacted during the previous data release:
- The Sterling trades flat ahead of U.K.’s Jobless Claims Results.
- The pair made intraday high at $1.4116 and low at $1.4098 mark.
- A day chart suggests up trend but H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1.4127 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.4083 will check further supports.
Take a look and do trade wisely!