2020-08-12 18:17
Market analysisGBP/USD Outlook (12 August 2020)
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Market analysis：
Overall, GBP/USD is trending upwards. Recently, GBP/USD moved lower into the support zone of 1.30000.
The UK employment data released yesterday indicated an overall deterioration in the UK job market. In July, there was an increase in the number of people claiming for unemployment benefits, a rebound from the decrease in June. Unemployment rate in July remained the same for the fourth consecutive month while average earnings continue to decline.
-Claimant Count Change (Actual: 94.4K, Forecast: 9.7K, Previous: -28.1K)
-Average Earnings Index 3m/y (Actual: -1.2%, Forecast: -1.2%, Previous: -0.3%)
-Unemployment Rate (Actual: 3.9%, Forecast: 4.2%, Previous: 3.9%)
Currently, GBP/USD is testing the support zone of 1.30000 and the next resistance zone is at 1.32000.
With the poor UK employment figures, look for selling opportunities of GBP/USD if it breaks the support zone of 1.30000.
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GBP/USD Outlook (12 August 2020)
Singapore | 2020-08-12 18:17Overall, GBP/USD is trending upwards. Recently, GBP/USD moved lower into the support zone of 1.30000.
The UK employment data released yesterday indicated an overall deterioration in the UK job market. In July, there was an increase in the number of people claiming for unemployment benefits, a rebound from the decrease in June. Unemployment rate in July remained the same for the fourth consecutive month while average earnings continue to decline.
-Claimant Count Change (Actual: 94.4K, Forecast: 9.7K, Previous: -28.1K)
-Average Earnings Index 3m/y (Actual: -1.2%, Forecast: -1.2%, Previous: -0.3%)
-Unemployment Rate (Actual: 3.9%, Forecast: 4.2%, Previous: 3.9%)
Currently, GBP/USD is testing the support zone of 1.30000 and the next resistance zone is at 1.32000.
With the poor UK employment figures, look for selling opportunities of GBP/USD if it breaks the support zone of 1.30000.
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