Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
British Pound (GBP) Latest: GBP/USD Still Weak After UK Jobs Data

British Pound (GBP) Latest: GBP/USD Still Weak After UK Jobs Data

Martin Essex, MSTA,
What's on this page

GBP price, UK unemployment data and analysis:

  • UK labor-market data show a surprise fall in the claimant count measure of unemployment last month and an unexpectedly small drop in employment the month before.
  • Yet, despite the better than expected report, GBP/USD continues to slide lower and EUR/GBP is still rising.
  • Looking ahead, a measure of UK consumer confidence due Friday is the next data point to look out for.

GBP/USD near-term downtrend persisting

The near-term downtrend in GBP/USD, and the similar uptrend in EUR/GBP, are continuing after data showing that the rate of decline in the UK jobs market is slowing. The claimant count measure of unemployment dropped by 28,100 in June rather than rising by the 250,000 expected by analysts polled by the news agencies.

Similarly, employment in May dropped by 126,00 rather than the forecast 234,000 and the unemployment rate that month was unchanged at 3.9% when it had been expected to increase to 4.2%.

Still, the broadly positive report failed to lift GBP, which is continuing to slide lower against a USD that is underpinned by rising US-China tensions and persistent concerns about a possible second wave of the Covid-19 pandemic.

GBP/USD Price Chart, One-Hour Timeframe (July 10-16, 2020)

Latest GBP/USD price chart.

Chart by IG (You can click on it for a larger image)

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Martin Essex, MSTA
Trading Forex News: The Strategy
Get My Guide

Similarly, EUR/GBP continues to trend higher ahead of a European Council meeting that starts tomorrow with a controversial EU recovery fund top of the agenda.

Meanwhile, the next UK data point to watch out for is the GfK measure of consumer confidence in July that is expected to show a mild recovery, with the market research company’s confidence indicator down 26 – better than June’s fall of 30.

You can check out three types of forex analysis used to anticipate market movements and analyze trend by clicking here

We look at currencies regularly in the DailyFX Trading Global Markets Decoded podcasts that you can find here on Apple or wherever you go for your podcasts

Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -7% -2% -5%
Weekly 9% -17% -3%
What does it mean for price action?
Get My Guide

--- Written by Martin Essex, Analyst and Editor

Feel free to contact me on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.