Gtag:

Sterling Slightly Up Ahead of U.K.’s Employment Data, May Get 25+ PIP Volatility During Fundamental News; Nov 16, 2021

U.K. Claimant Count Change

Today the key indicator from the U.K. will be employment results scheduled at 0700 GMT/1230 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:

Oct 12:

Sept 14:

Technical View:

GBP/USD:

  • The sterling rises gradually against U.S. dollar ahead of U.K.’s Claimant Count Change and trading above $1.3430 mark.
  • Today pair made intraday high at $1.3438 and low at $1.3404 mark.
  • A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
  • A sustained close above $1.3451 on H1 chart will check key resistances.
  • Alternatively, a consistent close below $1.3405 will check further supports.

SUPPORTS RESISTANCES
$1.3405 $1.3451
$1.3380 $1.3476
$1.3365 $1.3499
$1.3337 $1.3527
$1.3305 $1.3555

Take a look and do trade wisely!
Good Luck

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