The recent report published by the Office for National Statistics (ONS) says that the rate of unemployment in Great Britain slightly declined in January 2016. At the same time, it is reported that salaries and wages started growing faster over the same reporting period, Market Leader reports.
With that being said, the overall situation in the U.K. labor market is mainly positive. Indeed, the labor market is still strong despite the worsening economic prospects of Great Britain amid is possible exit from the European Union.
More specifically, the amount of unemployed people living in the United Kingdom shrank by 28 000 people in November-January relative to the previous reporting period, the ONS report says. On top of that, the level of employment in Great Britain has already reach the all-time high. The thing is that it is currently at 74.1%, which is the highest level since 1971.
FOREX
In the meantime, Masterforex-V Academy reports the British Pound keeps on rallying against the U.S. Dollar. To be more specific, GBPUSD is going on with another upward momentum – wave C of level h4. For now, this is still a move seen as a recovery against the long-term downtrend. For now, the currency pair is trading somewhere around 1,4472, the experts say.
The closest levels of support are MF pivot 1,4055 and the local low of 1,3835.
The closest levels of resistance are the top of the descending MF sloping channel and MF pivot 1,4664.
