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19.05.202014:29 Forex Analysis & Reviews: GBP/USD analysis for May 19, 2020 - First target at the price of 1.2246 reached, potetnial for the second target at 1.2370

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Corona virus summary:

The number of people claiming unemployment benefits increased by the most since records began in April to reach almost 2.1 million, according to official figures capturing the onset of the coronavirus crisis.

The said about 856,500 people signed up for universal credit and jobseeker's allowance benefits in April, driving up the overall UK claimant count by 69% in a single month.

Economists said the surge marked the biggest monthly increase since comparable records began in the early 1970s, while the overall number of people claiming for benefits due to unemployment had risen above 2 million for the first time since 1996.

The first official attempts to gauge the economic fallout from the coronavirus crisis also revealed the number of employees on company payrolls plunged by 450,000 at the start of April, in a reflection of staff being let go and reduced hiring. The number of vacancies posted by companies looking for new staff also halved.

Technical analysis:

Trading recommendation:

Watch for potential buying opportunities on the dips with the upward target set at the price of 1,2370.

Stop loss can be placed at 1,2200

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