For the 24 hours to 23:00 GMT, the GBP rose 0.06% against the USD and closed at 1.2354.
On the data front, UK’s ILO unemployment rate unexpectedly eased to 3.8% in the May-July 2019 period, declining to its lowest level since 1974 and defying market expectations for an unchanged reading. In the April-June 2019 period, the ILO unemployment rate stood at 3.9%. Moreover, the nation’s average earnings including bonus a rose 4.0% on a yearly basis in the three months ended July 2019, surpassing market expectations for a rise of 3.7%. The average earnings including bonus had recorded a revised rise of 3.8% in the April-June 2019 period.
In the Asian session, at GMT0300, the pair is trading at 1.2346, with the GBP trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2309, and a fall through could take it to the next support level of 1.2272. The pair is expected to find its first resistance at 1.2381, and a rise through could take it to the next resistance level of 1.2416.
Looking forward, traders would closely monitor UK’s RICS house price balance for August, set to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.