UK Jobs Preview: Why GBP/USD may offer an early selling opportunity, and when by forexcrunch UnitedKingdom EconomicIndicator Employment
My base case is that the report will continue showing a healthy labor market, and that could trigger some GBP/USD buying. If Brits have jobs that pay them more money than beforehand, inflationary pressures will rise and the Bank of England will raise interest rates more than planned. response to UK labor figures tends to be short-lived
GBP/USD has critical support at 1.2155, the fresh 2022 low. That is preceded by 1.2220. Strong resistance is at 1.2310. Momentum on the 4h-chart is to the downside and the RSI is between 30 and 50 – indicating more falls.All in all, UK job figures may boost GBP/USD temporarily, but fail to trigger a more-pronounced upside turn for the currency pair. It is essential to note that in the UK, traders often bet on the direction of the data ahead of time.
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