The Pound is losing to gravity. Overview for 16.08.2022

GBPUSD is falling on Tuesday; bears are getting more aggressive.

The Pound Sterling continues to fall against the USD without any breaks. The current quote for the instrument is 1.2022.

Earlier today, the United Kingdom released several reports on its labour market. The Unemployment Rate remained unchanged in June at 3.8%. Average Earnings Index added 5.1% 3m/y after gaining 6.4% 3m/y before and against the expected reading of 4.5% 3m/y.

Claimant Count Change showed -10.5K in July after being -26.8K the month before and against the expected reading of -32.0K.

The Pound barely paid any attention to the statistics. The reasons are obvious – the aggressiveness of the “greenback” and the global risk mitigation tendency. 

The reports can be called rather neutral. However, considering the problems the United Kingdom and the rest of Europe may face in the near future, the labour market might as well have hard times ahead.