U.K. Jobless Claims & Unemployment Rate
U.K. is going to release Claimant Count Change data as well as unemployment rate at 0600 GMT/1130 IST. 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. If jobless claims and unemployment rate come lower than expected data, it will be beneficial to GBP.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The sterling exhibits range bound movement ahead of U.K. jobless claims data. A sustained close above $1.2846 will drag the parity up towards $1.2880, $1.2930, $1.3002, $1.3070, $1.3102, $1.3148, $1.3210, $1.3276, $1.3350, $1.3382, $1.3422, $1.3442 and $1.3515 mark respectively. Key support levels are seen at $1.2762, $1.2740, $1.2695, $1.2662 and $1.2620 mark respectively.
Take a look and do trade wisely!