UK’s unemployment rate held at 3.8%, surprising investors. The upbeat jobs report indicates that inflation has not yet hit the labor market. The Bank of England might be confident enough to raise rates further in the coming meetings. Today’s GBP/USD price analysis is bullish as investors react to the positive UK jobs report showing significant employment change. –Are you interested to learn more about forex signals? Check our detailed guide- The employment change in May came in higher than the expected 170K at 296K, surprising investors. On the other hand, the unemployment rate held at 3.8% when investors expected an increase of 0.1%. This is a sign that the rising prices have not yet hit the labor market. Strong hiring in the UK might give the Bank of England the confidence to raise rates further in the coming months. The BoE has said it is ready to act aggressively if it sees that the recent rise in inflation – expected to hit 9.3% in the 12 months to June in figures due on Wednesday – is entrenched in Britain’s economy. The search for the next Prime Minister continues in the UK, with candidates now down to 4. There is hope that political order will return soon. The pound is also getting support from the weakening dollar. GBP/USD key events today GBP/USD investors will pay attention to the US housing sector when the building permits report is released later today. This report measures the change in the number of new building permits issued by the government and indicates demand in the housing market. Investors expect the permits to drop in June from 1.695M to 1.650M. Get FREE Forex Signals Now! GBP/USD technical price analysis: Bullish momentum gaining to retest 1.20307 Looking at the 4-hour chart, the price is increasing after a short pullback. It is trading above the 30-SMA, showing bulls are in control. RSI is trading above 50, favoring bullish momentum. –Are you interested to learn more about automated trading? Check our detailed guide- The price might retest yesterday’s resistance at 1.20307, where it might break above or bounce lower. Given the current bullish momentum, it is likely that the price will make a new high above yesterday’s high. If the price breaks above 1.20307, the next hurdle will be 1.21598. This bullish trend will continue if the price keeps trading above the 30-SMA and the RSI stays above 50. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CHF Forecast: US Dollar Giving Up Gains on a Lesser Rate Hike Saqib Iqbal 3 weeks UK's unemployment rate held at 3.8%, surprising investors. The upbeat jobs report indicates that inflation has not yet hit the labor market. The Bank of England might be confident enough to raise rates further in the coming meetings. Today's GBP/USD price analysis is bullish as investors react to the positive UK jobs report showing significant employment change. -Are you interested to learn more about forex signals? Check our detailed guide- The employment change in May came in higher than the expected 170K at 296K, surprising investors. On the other hand, the unemployment rate held at 3.8% when investors expected an… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.