The spotlight could stay on U.K. fundamentals this week, as the quarterly GDP and monthly jobs figures are up for release.

Here’s what to expect.

Employment data (Aug 11, 7:00 am GMT)

  • July claimant count to show 250K increase after previous 28.1K drop
  • Average earnings index to print 1.2% decline in the three-month period ending in June
  • The unemployment rate likely to climb from 3.9% to 4.2%
  • Weaker than expected results could push GBP pairs further south

Preliminary GDP (Aug. 12, 7:00 am GMT)

  • The economy probably contracted by 20.5% in Q2 2020
  • This would put the U.K. in a technical recession after the previous 2.0% quarterly contraction
  • Monthly GDP reading likely to print 8.1% growth for June

Technical snapshot

GBP Pairs Trend Strength Analysis from MarketMilk
GBP Pairs Trend Strength Analysis from MarketMilk
  • EUR/GBP is giving off bullish vibes but its trend is weakening as well
  • Stochastic puts some GBP pairs in the overbought zone, particularly Cable, Guppy, and GBP/NZD
GBP Pairs Stochastic from MarketMilk
GBP Pairs Stochastic from MarketMilk

Missed last week’s price action? Read GBP’s price recap for Aug. 3 – 7!