GBP/USD: Britain’s average weekly earnings advanced to a 10-year high level in August-October 2018


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.58% against the USD and closed at 1.2490, amid ongoing Brexit uncertainty.

On the data front, UK’s ILO unemployment rate remained steady at a rate of 4.1% in the three -month ended October 2018, at par with market expectations. Moreover, the nation’s average weekly earnings including bonus rose to a decade high level of 3.3% on an annual basis in the August-October 2018 period, surpassing market expectations for an advance of 3.0%. In the July-September 2018 period, average earnings including bonus had recorded a revised rise of 3.1%.

On the other hand, Britain’s number of unemployment benefits claimants jumped to a level of 21.9K in November, compared to a revised advance of 23.2K in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.2506, with the GBP trading 0.13% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2444, and a fall through could take it to the next support level of 1.2383. The pair is expected to find its first resistance at 1.2603, and a rise through could take it to the next resistance level of 1.2701.

Amid no major macroeconomic releases today, investors would focus on global macroeconomic events for further cues.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

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