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17 Mar 2020

When are the UK jobs and how could they affect GBP/USD?

UK Jobs report overview

The UK labor market report is expected to show that the average weekly earnings, including bonuses, in the three months to January, are expected to rise by 3.0%, while ex-bonuses, the wages are also seen rising by 3.2% in the reported period.

The number of people seeking jobless benefits is likely to increase by 21.4k in February vs. +5.5k seen last. The ILO unemployment rate is expected to remain unchanged at 3.8% during the period.

How could they affect GBP/USD?

Haresh Menghani, Analyst at FXStreet explains, “the pair's inability to register any meaningful recovery further suggests that the near-term selling pressure might still be far from being over. A convincing break through the 1.2200 mark will add credence to the bearish outlook and set the stage for additional declines towards the 1.2140-30 horizontal support On the flip side, any attempted recovery now seems to confront some fresh supply near the 1.2300 round-figure mark, above which the positive move could get extended towards the 1.2350-60 supply zone. A sustained strength above the mentioned barriers might trigger some near-term short-covering move and lift the pair beyond the 1.2400 mark.”

At the time of writing, the GBP sellers seem to take a breather, as they await the UK coronavirus economic relief package. The spot seen trading around 1.2220, down 0.36% on the day.

Key notes

GBP Futures: Further downside on the cards

GBP/USD has significant support only at 1.2156— Confluence Detector

UK to unveil significant financial package to help firms

About UK jobs

The UK Average Earnings released by the Office for National Statistics (ONS) is a key short-term indicator of how levels of pay are changing within the UK economy. Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).

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