GBP/USD: Pound trading higher in the morning session, ahead of UK’s ILO unemployment rate data


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.49% against the USD and closed at 1.2151.

In the Asian session, at GMT0400, the pair is trading at 1.2162, with the GBP trading 0.09% higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2109, and a fall through could take it to the next support level of 1.2055. The pair is expected to find its first resistance at 1.2213, and a rise through could take it to the next resistance level of 1.2263.

Moving ahead, traders will concentrate on Britain’s ILO unemployment rate and average earnings data for three months ended January, scheduled to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

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