Sterling Trades in Narrow Range Ahead of U.K.’s Jobless Claims Data, 25+ PIP Volatility Likely in GBP Parity; Feb 15, 2022
U.K. Claimant Count Change
Today U.K. has scheduled to release Jobless Claims and unemployment rate data at 0700 GMT/1230 IST. It’s the first indication of the employment situation, released a month earlier than the Unemployment Rate. Source changed series calculation formula as of Jun 2015. 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 exhibits range bound movement ahead of U.K.’s Claimant Count Change results and consolidates around $1.3550 mark.
- Today pair made intraday high at $1.3546 and low at $1.3518 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1.3541 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3498 will check further supports.
Take a look and do trade wisely!