British unemployment rate expected to remain at 7.7%

NEW YORK (Forex News Now) – National Statistics is due on Wednesday to publish key data on UK unemployment figures, in a major realtime forex news event affecting the pound.

The report is expected to show that the percentage of the total work force that is unemployed remained at 7.7% in October, according to major online FX trading news outlets, the same figure at which it stood in September and in August.

The office is scheduled to release the report at 9:30 A.M., GMT; as such the data is likely to dominate early currency market trading.

However, it may be overshadowed by the simultaneous release of data from the Average Earnings Index, a key indicator of consumer inflation.

According to GBP/USD analysis, a drop in unemployment could lift GBP/USD toward short-term resistance around yesterday’s high of 1.5911

But should the figure rise, the currency pair could fall back toward short-term support around the Dec. 6 low of 1.5655.