Chapter 49 If the unemployment rate is positive will GBPUSD go up?
16/01/2023
Summary
United Kingdom Fundamental news leads the market
Fundamental analysis
On the coming Tuesday which is tomorrow, we have a piece of important news on the pound, We have unemployment rates for November and December and also we have unemployment claimant counts for December, The expectation is unknown And let's apply if the market takes the result as a positive for the GBP, On the other hand, We know USD is getting weaker from the speech of the Federal Bank reserve And last week result of the inflation rate (CPI) It was as expected at 6.5%.
U.K. ILO Unemployment Rate (Nov)
Previous 3.7%
Expected 3.7%
U.K. Unemployment Rate (Dec)
Previous 3.9%
Expected —----
U.K. Unemployment Claimant Count (Dec)
Previous 30.5K
Expected —-------
Technical analysis
We can see in the diagram of the 4 H chart That the market is trending up by creating Higher highs and higher lows, And the 20 moving average is pointing up, We expect the market will continue this uptrend by creating more higher highs and higher lows.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.22933
Target Price: 1.24905
Stop Loss: 1.21683
