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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Mixed
GBP/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • House Financial Services Committee schedules second GameStop hearing for March 17 - BBG $GME
  • Speaker Pelosi says minimum wage increase will not be removed from House Covid bill - BBG
  • Asia-Pacific equities opened broadly lower amid a 'risk off' sentiment following a sour lead from Wall Street overnight. Rising yields and a stronger US Dollar exerted downward pressure over risk assets. https://www.dailyfx.com/forex/market_alert/2021/02/26/Dow-Jones-Falls-on-Rising-Yields-ASX-200-Nikkei-225-Tumble-.html https://t.co/3p7prANkLA
  • The Australian Dollar looks poised to outperform the haven-associated US Dollar and Japanese Yen. However, it may lose ground to the New Zealand Dollar. Key levels for AUD/USD, AUD/JPY and AUD/NZD.Get your $AUD market update from @DanielGMoss here:https://t.co/cuxRxl5WaF https://t.co/MD0ppnO7t6
  • RT @FxWestwater: $NZDUSD, $NZDJPY React as Soaring Treasury Yields Skew Market Risk Profile Link: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2021/02/26/NZDUSD-NZDJPY-React-as-Soaring-Treasury-Yields-Skew-Market-Risk-Profile.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Westwater&utm_campaign=twr $TNX https://t.c…
  • Biden authorized strikes on Iran-backed militant groups. Strike was in response to attacks on US, coalition forces -BBG citing DOD #CrudeOil
  • The commodity-sensitive Canadian Dollar may continue outperforming its major counterparts in the coming weeks. USD/CAD, CAD/CHF, CAD/JPY and EUR/CAD key levels to watch. Get your market update from @DanielGMoss here:https://t.co/KYdUv2lpFC https://t.co/ZZUJ4AZEhc
  • Market Snapshot: Risk aversion is deepening as Friday APAC trade gets going $NZDUSD and $AUDUSD sinking Following declines in #SP500 and #Nikkei225 futures #USD broadly higher, anti-risk Japanese #Yen as well US 10-Year Treasury rates remain higher https://t.co/gQ50vS73P0
  • RBNZ's Orr: To consider settings against types of home lending, financial stability policies can help government housing objectives -BBG
  • RBNZ's Orr: Only focused on inflation, employment targets -BBG
British Pound (GBP) Latest: GBP/USD Falling After UK Unemployment Data

British Pound (GBP) Latest: GBP/USD Falling After UK Unemployment Data

Martin Essex, MSTA, Analyst

GBP price, news and analysis:

  • The UK unemployment rate rose to its highest level since 2016 in November and that has contributed to weakness in GBP/USD even though, at 5.0%, it was marginally better than expected.
  • The pair is also under pressure from a firmer US Dollar as concerns rise that the proposed $1.9 trillion US stimulus package may be watered down.
Advertisement

GBP/USD under pressure after UK unemployment data

GBP/USD is sliding in early European business Tuesday after the release of data showing the UK unemployment rate at its highest level since 2016 in November. However, the numbers are not likely to damage the pair longer term as they were marginally better than expected and are, anyway, historic.

UK unemployment figures.

Source: DailyFX

Arguably of more importance to the outlook for GBP/USD is a firmer US Dollar on concerns that the proposed $1.9 trillion US pandemic relief plan is facing strong opposition from some Republicans who think it is too large. That has damaged sentiment in the markets and led to a move into safe havens such as USD. More Covid-19 lockdowns are not helping confidence either.

GBP/USD Price Chart, Two-Hour Timeframe (January 4, 2021 – January 26, 2021)

Latest GBP/USD price chart.

Source: IG (You can click on it for a larger image)

GBP Forecast
GBP Forecast
Recommended by Martin Essex, MSTA
Download our fresh Q1 GBP forecast
Get My Guide

Nonetheless, GBP/USD has trendline support at 1.36 and a bounce at that level would be no surprise as the pair’s upward trajectory remains in place.

GBP/USD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -13% -16% -14%
Weekly 14% -29% -16%
What does it mean for price action?
Get My Guide

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

--- Written by Martin Essex, Analyst

Feel free to contact me on Twitter @MartinSEssex

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

DISCLOSURES