The United Kingdom has released labor market data that has significantly influenced GBPUSD trading on Thursday (March 20, 2025).
The employment change for January was reported at 144,000, surpassing the expected figure of 80,000 as per Trading Central. Meanwhile, the unemployment rate remained stable at 4.4%, aligning with the expected projections from Trading Central.
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Additionally, average hourly earnings for the three months concluding in January 2025 grew by 4.8% سنة بعد سنة, slightly below the expected growth rate of 4.9%.
Following the data release, GBPUSD exhibited volatility before declining to a low of 1.29822 today.
While the data appears to be strong, GBPUSD has been trending downwards due to profit-taking activities. Currently, GBPUSD is at its highest point in over four months, with the Bank of England (BoE) monetary policy announcement scheduled for later tonight.
The BoE announcement has the potential to trigger significant price movements, prompting traders who have held long positions for an extended period to close out their positions in order to realize profits. This dynamic has contributed to the downward trend of GBPUSD.
