The GBP needs support

The GBP needs support

What will happen?

UK will publish the unemployment rate on Tuesday, February 23, at 09:00 MT time. In normal times, it would be a second-priority indicator for Britain. But as the country is going through the deepest crisis since the XVIII century seeing a 10% contraction of its GDP, the state unemployment rate becomes a highly important dynamic to watch.

How to trade it?

Now that the traders are well aware that things are not that good for the UK at the moment, they will be looking for the slightest hints in any economic data that the outlook may be not as dire as the media are suggesting. The previous mark was 5% - just under the expected 5.1%. This time, 5.2% is the forecast, and if the actual figure is the same or greater than the expectation, it may infuse even more pessimism into the audience.

  • Better-than-expected data supports the GBP;
  • Worse-than-expected data puts pressure on the GBP.

Instruments to trade: GBP/USD; EUR/GBP; GBP/CHF; GBP/JPY

The GBP needs support

GBP/USD chart

EUR/GBP chart

GBP/CHF chart

GBP/JPY chart
 

Thank you for rating.
REPLY A COMMENT Cancel Reply
Please enter your name!
Please enter a correct email address!
Please enter your comment!
The g-recaptcha field is required!

Leave A Comment

Please enter your name!
Please enter a correct email address!
Please enter your comment!
The g-recaptcha field is required!