GBP/USD: UK’s ILO unemployment rate eased to a 45-year low rate in the January-March 2019


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.32% against the USD and closed at 1.2910.

Data showed that UK’s ILO unemployment rate unexpectedly slid to a 45-year low rate of 3.8% in the January-March 2019 period and defying market consensus for an unchanged reading. The ILO unemployment rate had recorded a rate of 3.9% in the three months ended February 2019. Moreover, the nation’s average earnings including bonus advanced 3.2% on an annual basis in March, undershooting market expectations for a gain of 3.4%. In the December-February 2019 period, the average earnings including bonus had recorded a rise of 3.5%.

In the Asian session, at GMT0300, the pair is trading at 1.2911, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.2888, and a fall through could take it to the next support level of 1.2865. The pair is expected to find its first resistance at 1.2950, and a rise through could take it to the next resistance level of 1.2989.

Amid lack of economic releases in UK today, traders would focus on global macroeconomic events for further direction.

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

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