FxWirePro: GBP/CHF slides lower for the 4th straight session, pound ignores upbeat UK jobs report

GBP/CHF chart - Trading View 

GBP/CHF was trading 0.41% lower on the day at 1.2563 at around 11:10 GMT.

The pair is extending weakness for the 4th straight session, outlook remains bearish.

Bulls failed to break past daily cloud resistance and the pair is now on track to test 200-DMA at 1.2498.

On the data front, UK jobless rate unexpectedly drops to 4.7% in June, however, upbeat data failed to lift the pound.

Data released by the Office for National Statistics (ONS) showed on Tuesday, UK official jobless rate stood at 4.7% in June vs. the previous 4.8% and 4.8% expected.

The number of people claiming jobless benefits showed a drop of 7.8K in July when compared to -114.8K seen previously. The claimant count rate came in at 5.7% vs. 5.7% last.

The UK’s average weekly earnings, excluding bonuses, arrived at 7.4% 3M YoY in June versus +6.6% last and +7.4% expected while the gauge including bonuses came in at 8.8% 3M YoY versus +7.3% previous and +8.7% expected.

GBP/CHF has turned bearish on the intraday charts. Momentum is bearish. Dip till 200-DMA at 1.2498 likely.