{"id":7314,"date":"2024-12-17T08:18:41","date_gmt":"2024-12-17T08:18:41","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=7314"},"modified":"2025-05-12T12:47:47","modified_gmt":"2025-05-12T12:47:47","slug":"gbpusd-dec-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/chart-of-the-day\/gbpusd-dec-2024\/","title":{"rendered":"Mixed Signals: GBPUSD Bear Flag with Hidden Bullish Divergence"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

GBP\/USD is currently moving within a rising parallel channel on the weekly timeframe.<\/strong><\/p>\n\n\n\n

This consolidation comes after a substantial downswing from 2021 to 2023, making this developing price action a potential bear flag.<\/strong><\/p>\n\n\n\n

However, signs of a hidden bullish divergence also signal at upside continuation, producing mixed signals on the GBP\/USD chart.<\/p>\n\n\n\n

With UK\u2019s Claimant Count (Unemployment Claims), and Average Earnings Index data released today, GBP\/USD could be set to move \u2014 finally picking a side in the short term and mid term.<\/p>\n\n\n\n

Key Data Releases Today<\/h2>\n\n\n\n

Claimant Count Change<\/strong> measures the change in the number of people claiming unemployment benefits during the previous month. <\/p>\n\n\n\n

The latest data shows that only 300 more people<\/strong> claimed unemployment benefits in November, compared to an increase of 26,700 in the previous month. This suggests a slowdown in unemployment<\/strong>, which is a positive sign for the British Pound<\/strong> as it reflects a potentially improving labor market.<\/p>\n\n\n\n

Data<\/strong><\/td>Actual<\/strong><\/td>Forecast<\/strong><\/td>Previous<\/strong><\/td><\/tr>
Claimant Count Change<\/td>0.3K<\/td>28.2K<\/td>26.7K<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Average Earnings Index 3m\/y<\/strong> measures the 3-month moving average of how much businesses are paying their employees. <\/p>\n\n\n\n

The latest data shows that average earnings have risen by 5.2%, greater than the 4.6% forecast. This is yet again another positive sign for the GBP\/USD, as this is a leading indicator for inflation<\/strong>, which the BoE (Bank of England) could reference to justify rate holds or rate hikes<\/strong>. When businesses pay more wages, the costs are passed down to the consumer in the form of higher prices. <\/p>\n\n\n\n

Data<\/strong><\/td>Actual<\/strong><\/td>Forecast<\/strong><\/td>Previous<\/strong><\/td><\/tr>
Average Earnings Index 3m\/y<\/td>5.2%<\/td>4.6%<\/td>4.3%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Potential Upswing Towards Channel Highs<\/h2>\n\n\n\n

Given the positive news for GBP\/USD\u2019s growth, the Forex pair may begin to move higher towards a historic resistance zone formed since 2016<\/strong>, between $1.3338 to $1.3635.<\/p>\n\n\n\n

Technical ideas supporting a potential upswing include:<\/strong><\/p>\n\n\n\n