When are the UK jobs and how could they affect GBP/USD?
GBP/USD defies Wednesday’s upbeat performance while flashing red during the pre-London open on Thursday. The pair cheered welcome UK GDP data and broad US dollar weakness the previous day. Traders will keep eyes on the key employment figures for fresh impulse.
Technically, the pair’s pullback from a 200-day EMA level of 1.2590 drags the quote towards June 24 high of 1.2543, followed by 50-day EMA near 1.2485. Meanwhile, 1.2600 acts as an immediate resistance ahead of the monthly high of 1.2670.
The UK labor market report is expected to show that the average weekly earnings, including bonuses, in the three months to May, to decline from the previous 1.0% to -0.4%, while ex-bonuses, the wages are also seen receding from 1.7% to 0.5% in the reported period.
The number of people seeking jobless benefits, namely the Claimant Count Change, is likely to have softened by 250K in June versus +528.9K seen last. Further, the ILO unemployment rate is expected to pick up from 3.9% to 4.2% during the three months ending in May.
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