GBP/AUD Appears Bearish as UK’s Claimant Count Change Figure is Expected to Increase

­­United Kingdom – Claimant Count Change

On Tuesday, at GMT 8:30 a.m., the UK’s Office for National Statistics will release the Claimant Count Change figure. It measures the changes in the number of people claiming unemployment-related benefits during the previous month.

The Claimant Count Change figure is the first fundamental indicator that confirms the employment situation in the UK. Hence, binary options investors consider this to be an important indicator of consumer spending in the coming months. This is because consumer spending is highly dependent on the labor market situation in the country.

Last month, the UK’s Claimant Count Change figure came out at 11,600. The forecast for this month is currently set at 13,300.

Australia – Unemployment Rate

On Thursday, at GMT 1:30 a.m., the Australian Bureau of Statistics will release the national unemployment rate. It measures the percentage of total work force which remained unemployed over the past month.

Binary options traders consider the unemployment rate to be one of the most important fundamental indicators of the Australian economy. It is because one of the main goals of the Reserve Bank of Australia is to keep the unemployment as low as possible. Although this is a lagging indicator, analyzing this data can help Forex traders predict future interest rates and inflation situation in the country.

Last month, the unemployment rate in Australia came out at 5.5%. This month, analysts are expecting it to remain the same at 5.5%.

GBP/AUD Forecast

GBPAUDDailySince forming a large bullish outside bar on October 20, 2017, the GBP/AUD remained highly bullish. Over the last seven months, the pair has climbed up by around 1,800 pips. However, after reaching the psychological pivot zone near 1.8500, it found a strong resistance. Over the last two weeks, the GBP/AUD started a retracement and broke below the uptrend line. It also broke below the support near the 1.7990 level. Currently, the GBP/AUD is trading just above the major support near the 1.7900 level.

The Australian unemployment rate may remain unchanged at 5.5% this month. On the other hand, analysts are expecting the UK’s Claimant Count Change figure to increase from 11,600 to 13,300 over the last month. We believe it would set a bearish fundamental outlook for the GBP/AUD this week. Therefore, if the GBP/AUD closes below the support near 1.7900, it would likely attract additional bearish momentum in the market.

Hence, Australian binary options traders should look out for trading opportunities below this major support level around 1.7900.

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