On Friday (April 09, 2021), the Great Britain pound (GBP) edged higher against the US dollar (USD), pushing the GBP/USD currency pair price above 1.3700. This came amid the release of US Initial Jobless Claims.

On April 08, 2021, the US Department of Labor released the data of initial jobless claims. It remained 744K in April compared to last month’s data of 728K.

The number of people making first-time applications for state unemployment benefits is measured by Initial Jobless Claims. In other words, it serves as a barometer of labor market strength. A higher-than-expected number suggests market weakness, which affects the strength and course of the US economy. In general, a declining number is bullish for the USD.

Moreover, The University of Michigan is scheduled to releasing stats for the Consumer Sentiment Index on Friday (April 16, 2021). FXStreet.com economists expect some improvement in the Michigan Consumer Sentiment Index data. Analysts believe that the Consumer Sentiment Index might register a reading of 88.6 in April compared to the 84.9 the month before. 

The Consumer Sentiment Index reflects the level of consumers’ confidence in the economic activity of the country. The consumer sentiment index is one of the crucial indicators of the economy. It also provides an idea that whether or not consumers are willing to spend money in the coming days.

As of this writing, the GBPUSD strengthens around 1.3729. On the downside, the pair might find some support to lift the price up.

Conclusion 

Given the macro-economic outlook of the pair, it may be a better option in the short term if the pair were to sell around 1.3800 Due to the volatile nature of the market, however, prices may change and lead to different outcomes.