GBP/USD Outlook (15 September 2021)

Overall, GBP/USD is ranging across. Recently, GBP/USD strengthened for a brief duration after the release of the disappointing U.S. CPI data, causing USD to weaken. After which, it failed to break above the key level of 1.39.

The UK employment data released yesterday indicated continued recovery in the jobs market. It was also reported that the number of job vacancies from June to August has risen over 1 million, above the pre-pandemic level.

• Average Earnings Index 3m/y (Actual: 8.3%, Forecast: 8.2%, Previous: 8.8%)
  
• Claimant Count Change (Actual: -58.6K, Forecast: -71.7K, Previous: -48.9K revised from -7.8K)
  
• Unemployment Rate (Actual: 4.6%, Forecast: 4.6%, Previous: 4.7%)
  

The UK CPI y/y data will be released later at 1400 (GMT+8).

• CPI y/y (Forecast: 2.9%, Previous: 2.0%)
  
• Core CPI y/y (Forecast: 2.9%, Previous: 1.8%)
  

Currently, GBP/USD is testing the support zone of 1.38000 and the next resistance zone is at 1.40000.
Look for short-term buying opportunities of GBP/USD if it bounces off the support zone of 1.38000.