Sterling Trades Marginally Lower Ahead of U.K.’s Job Results, 25+ PIP Volatility Likely: March 23, 2021
U.K. Claimant Count Change
Today U.K. has scheduled to release job data which includes Jobless Claims as well as Unemployment rate data. The release time will be 0700 GMT/1230 IST. Jobless Claims are 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:
GBP/USD: The pound trades slightly lower on Tuesday ahead of U.K.’s Job results and hovers around $1.3850 mark. The pair made intraday high at $1.3864 and low at $1.3834 mark. Triple EMA on a day chart is up while H1 chart confirms bearish trend for the time being. A sustained close above $1.3881 on H1 chart requires for the upside rally. On the other hand, consistent close below $1.3820 on H1 will test further supports too.
Key Resistances: $1.3881, $1.3930, $1.3961, $1.3995
Key Supports: $1.3820, $1.3797, $1.3750, $1.3722
Take a look and do trade wisely!