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April 12, 2022

Sterling Trades in Narrow Range ahead of U.K.’s Claimant Count Change Results, 25+ PIP Volatility Likely in GBP Parity; April 12, 2022

U.K. Claimant Count Change & Unemployment Rate

Today U.K. has scheduled to release Jobless Claims data and unemployment rate 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.

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

March 15:

Feb 15:

Technical View:

GBP/USD:

The Sterling trades slightly lower on Tuesday ahead of Jobless Claims data and hovers around $1.3000 mark.
Today pair made intraday high at $1.3037 and low at $1.3003 mark.
A day chart and H1 chart with triple EMA suggest down trend for the time being.
A sustained close above $1.3030 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.3001 will check further supports. U.K.’s economic Calendar will remain empty for the day.

Supports	Resistances
$1.3001	$1.3030
$1.2978	$1.3055
$1.2944	$1.3076
$1.2910	$1.3099
$1.2881	$1.3126

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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