GBP USD analysis: Sterling slides after weak U.K. jobs data

NEW YORK (Forex News Now) – The pound slid against the dollar on Tuesday, after official data showed that the number of Britons claiming jobless benefits unexpectedly rose in August.

In European morning currency market trading, GBP/USD hit 1.5493, down 0.29 percent on the day.

Britain’s Office for National Statistics said the U.K. claimant count rose by 2,300 during the month, after revised fall of 1,000 in July. Analysts had expected a decline of 4,100 in August, according to two online FX trading news outlets.

According to GBP USD analysis, cable was likely to touch support around the low of Sept. 7, 1.5297, and encounter immediate resistance around Tuesday’s high, 1.5587.

Meanwhile, the United States was set to publish a raft of important economic data: reports were due on manufacturing in New York state, import prices, industrial production, capacity utilization and crude oil inventories.

Elsewhere, the pound also fell versus the euro: EUR/GBP traded at 0.837, up 0.08 percent, according to intraday analysis.

By ForexNewsNow Team

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