GBP/USD Outlook (24 March 2021)

Overall, GBP/USD is trending downwards. Recently, GBP/USD broke the support zone of 1.37800.

The UK employment data released yesterday indicated an increase in the number of claimants for unemployment benefits while average earnings increased slightly. Unemployment rate also declined slightly.

• Average Earnings Index 3m/y (Actual: 4.8%, Forecast: 4.9%, Previous: 4.7%)
  
• Claimant Count Change (Actual: 86.6K, Forecast: 9.0K, Previous: -20.8K revised from -20.0K)
  
• Unemployment Rate (Actual: 5.0%, Forecast: 5.2%, Previous: 5.1%)
  

The UK flash PMI data will be released later at 1730 (SGT).

• Flash Manufacturing PMI (Forecast: 55.0, Previous: 55.1 revised from 54.9)
  
• Flash Services PMI (Forecast: 51.1, Previous: 49.5 revised from 49.7)
  

GBP/USD’s next support zone is at 1.34800 and the next resistance zone is at 1.37800.
Look for selling opportunities of GBP/USD.