GBP/USD Forecast: The Impact of UK Labor Data on Pound and Dollar Outlook
Key Economic Indicators Impacting GBP/USD
The GBP/USD is witnessing bullish momentum following positive labor data from the UK. The unemployment rate remains stable at 4.1%, while the Claimant Count change is remarkably lower at 23.7K, compared to a forecast of 95.5K. This data indicates a resilient labor market, giving support to the pound.
GBP/USD Technical Analysis
The current trading level for GBP/USD at $1.30913 demonstrates a slight increase of 0.12%. With the pair testing a crucial pivot point, it remains above its 200-day EMA at $1.30112, suggesting bullish sentiment. Resistance levels to watch include $1.31317 and $1.31816, with further potential upward movement at $1.32369.
Support levels are positioned at $1.30138, followed by $1.29745 and $1.29416. A decline below these points could indicate bearish momentum.
Dollar Trends and Market Focus
The Dollar Index (DXY) is currently at $101.664, showing a slight decrease of 0.01%. Upcoming U.S. economic events, such as the NFIB Small Business Index and Fed speeches, are key areas of focus for investors.
Maintaining vigilance towards key pivot levels and upcoming releases can influence the direction of GBP/USD in the near term.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.