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!