U.K. Job Data Ahead, Important Data May Provides Less Volatility; Nov 10, 2020

U.K. Claimant Count Change and Unemployment Rate

U.K. will publish job data around 0700 GMT/1230 IST. 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:

Oct 13

Sept 15

Technical View:

GBP/USD: The pound trades marginally higher ahead of U.K. job data. Today pair made intraday high at $1.3198 and low at $1.3156 mark. A sustained close above $1.3163 will drag the parity up towards $1.3198, $1.3224, $1.3248 and $1.3276 mark respectively. Key support levels are seen at $1.3120, $1.3090, $1.3054, $1.3002, $1.2950, $1.2916, $1.2889 and $1.2854 mark respectively.

Take a look and do trade wisely!
Good Luck