The Great Britain Pound (GBP) slid down against the US Dollar (USD) for the last couple of weeks. The pair is continuously marking a bearish candle on the graph. A recent release concerning IOL unemployment rate shows an adverse economic condition for Great Britain with a reading of 3.9% reported stat this month. The economists had expected it to be 3.8%, the same as it was during the month before.
The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labor market. As a result, a rise leads to weaken the U.K. economy. Generally, a decrease of the figure is positive (or bullish) for the GBP, while an increase is negative.
Likewise, the situation for Great Britain Pound (GBP) goes worse after the stats were released by the British Retail Consortium. The British Retail Consortium (BRC) Like-For-Like Retail Sales estimates changes in the genuine estimation of retail deals from partaking organizations with important administration data on a normal and dependable premise. It demonstrates the exhibition of the retail area. A high perusing is viewed as positive (or bullish) for the GBP, while a low perusing is viewed as negative.
Similarly, the average earnings of the households including bonuses in the UK also turned short of 02 points this quarter. It was 3.3%, the quarter before.
The prevailing condition of the industrial sector in the UK has also worsened with a figure of -2.7% this month. It has decreased significantly as compared to 0.7%, the previous month.
Trading GBPUSD might not be a wise decision. It isn’t anticipated to get strength in the near future. Avoiding to trade a pair for a long term position may work well.