Posted 4/16/2024, 7:34:10 AM
UK Unemployment Rises While Wage Growth Holds Steady; Pound Weakens Below Key Support Ahead of Inflation Data
- UK unemployment rate rose to 4.2% in February, exceeding forecasts of 4.0%
- Average earnings growth remained stable at 5.6% including bonuses
- Upcoming UK inflation report for March is crucial for near-term outlook of British Pound
- GBP/USD broke below key support levels including 1.2547 and 1.2500 psychological mark
- Technical analysis shows next GBP/USD support levels at 1.2381 and 1.2303 which may be tested soon
