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SpanishSterling Trades in Rigid Boundaries Ahead of U.K.’s Claimant Count Change Data, 30+ PIP Volatility Likely in GBP Parities; Aug 16, 2022
U.K. Claimant Count Change Data
Today U.K. has scheduled to release Jobless Claims data 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:
July 19:
June 14:
Technical View:
GBP/USD:
- The sterling trades marginally higher ahead of U.K.’s Claimant Count Change data and hovers around $1.2050 mark.
- Today pair made intraday high at $1.2060 and low at $1.2035 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1.2072 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.2038 will check further supports.
|
Supports
|
Resistances
|
|
$1.2030
|
$1.2072
|
|
$1.2002
|
$1.2099
|
|
$1.1976
|
$1.2122
|
|
$1.1940
|
$1.2150
|
|
$1.1912
|
$1.2176
|
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills