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British Pound (GBP) Price Outlook: GBP/USD Steady After UK Jobs Data

British Pound (GBP) Price Outlook: GBP/USD Steady After UK Jobs Data

Martin Essex, MSTA, Analyst

GBP price, UK employment news and analysis:

  • The latest UK labor-market report shows a mixed batch of figures, with average earnings, including bonuses, increasing by 7.3%, above expectations, but the unemployment rate ticking up to 4.8%.
  • In response, GBP/USD briefly edged upwards but continues to trade broadly sideways with no sign currently of a major break higher or lower.
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GBP/USD steady after UK jobs data

The latest UK employment report has left GBP largely unchanged, with the data showing average earnings, including bonuses, rising faster than predicted but the unemployment rate rising unexpectedly to 4.8% from the previous 4.7%.

British Pound (GBP) Price Outlook: GBP/USD Steady After UK Jobs Data

Source: DailyFX calendar

Check out here how to read an economic calendar

The data have not changed the outlook for GBP/USD significantly, and from a technical perspective it continues to range trade in a band between approximately 1.3750 and 1.39.

GBP/USD Price Chart, Hourly Timeframe (July 5-15, 2021)

British Pound (GBP) Price Outlook: GBP/USD Steady After UK Jobs Data

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

In the news, Bank of England Deputy Governor Dave Ramsden said Wednesday that the Bank might start to think about reversing its monetary stimulus program sooner than he previously expected due to growing inflation pressures as the UK economy bounces back from its slump caused by the Covid-19 pandemic. However, Ramsden is seen as an outlier on the Bank’s Monetary Policy Committee and therefore his remarks should not be seen as MPC policy.

--- 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.

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