GBP/USD Current price: 1.3049
- UK employment data mixed, unemployment rate steady, claimant count sharply up.
- The preliminary estimate of the UK Q2 GDP is foreseen at -20.5% from -2.2% in Q1.
- GBP/USD would gain bearish traction on a break below 1.2980.
The GBP/USD pair posted a modest intraday advance for a second consecutive day, although still trading within Friday’s range. The pair was supported by mixed UK employment data and a weakening dollar. According to the official figures, the kingdom’s ILO unemployment rate remained steady at 3.9% in the three months to June, better than the 4.2% expected. However, the Claimant Count Change for July disappointed by jumping to 94,400, far worse than the 10K projected. The pair peaked at 1.3131 right after the release, later retreating towards the current 1.3050 price zone.
This Wednesday, the UK will have quite a busy day, as it will publish several relevant reports, including the preliminary estimate of Q2 GDP, foreseen at -20.5% from -2.2% in Q1. The country will also publish June Industrial Production, foreseen at -12.8% YoY, and Manufacturing Production for the same month, anticipated at -15% from -22.8% previously.
GBP/USD short-term technical outlook
The GBP/USD pair is technically neutral according to intraday readings. The 4-hour chart shows that the pair is hovering around a mildly bearish 20 SMA, while still below the larger ones. Technical indicators, in the meantime, lack directional strength around their midlines. The upcoming direction will mostly depend on the dollar’s behaviour, with increased chances of a bearish extension on a break below 1.2980.
Support levels: 1.3030 1.2980 1.2940
Resistance levels: 1.3105 1.3150 1.3190
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD turns lower toward 1.1300 as US Dollar demand picks up
EUR/USD has come under renewed selling pressure and heads back toward 1.1300 n Monday’s European session. The upbeat market mood and a fresh US Dollar uptick undermines the pair amid a quiet start to a critical week ahead.
GBP/USD recaptures 1.3300 as US Dollar buying stalls
GBP/USD has picked up fresh bids and regained the 1.3300 mark in the European trading hours on Monday. A pause in the US Dollar advance and a mildly positive risk sentment help the pair recover ground. However, the technical outlook on the daily time frame suggests a weakening bullish trend.
Gold price remains depressed below $3,300 amid signs of easing US-China trade tensions
Gold price maintains its offered tone through the Asian session on Monday and currently trades below the $3,300 round-figure mark, down 0.75% for the day. Despite mixed signals from the US and China, investors remain hopeful over the potential de-escalation of tensions between the world's two largest economies.
Bitcoin and Ethereum stabilize while Ripple shows strength
Bitcoin and Ethereum prices are stabilizing at around $93,500 and $1,770 at the time of writing on Monday, following a rally of over 10% and 12% the previous week. Ripple price also rallied 8.3% and closed above its key resistance level last week, indicating an uptrend ahead.
Week ahead: US GDP, inflation and jobs in focus amid tariff mess – BoJ meets
Barrage of US data to shed light on US economy as tariff war heats up. GDP, PCE inflation and nonfarm payrolls reports to headline the week. Bank of Japan to hold rates but may downgrade growth outlook. Eurozone and Australian CPI also on the agenda, Canadians go to the polls.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.