British Unemployment Better Than Expected – GBP/USD Edges Up

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The unemployment rate in Britain remained unchanged at 8.3% in October, better than an expected rise. The more up to date figure, Claimant Count Change, continued rising. Clains are up by 3K. Also this is better than expected.

GBP/USD moved a bit higher, towards 1.5540, but the move is certainly limited.

Claimant Count Change represents the change in the number of jobless claims. It has been on the rise since March. Expectations stood on a rise of 16.1K this time, in the report for November.

The unemployment rate was stable up to summer, standing under 8%. Since then it has been on the rise as well, hitting 8.3% in September and was expected to rise to 8.4% in October.

GBP/USD managed to recover some of its losses prior to the publication, rising from support at 1.5480 to resistance at around 1.5530.

For more levels and analysis, see the British pound forecast.

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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