GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.30% against the USD and closed at 1.2554.
On the data front, UK’s ILO unemployment rate remained unchanged at 3.9% in three months ended May, less than market expectations for a rise to 4.2%. Moreover, average earnings including bonus fell 0.3% on an annual basis in the three months ended May, less than market forecast for a fall of 0.4% and compared to a rise of 1.0% in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.2566, with the GBP trading 0.10% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2516, and a fall through could take it to the next support level of 1.2465. The pair is expected to find its first resistance at 1.2621, and a rise through could take it to the next resistance level of 1.2675.
With no macroeconomic releases in UK today, investor sentiment would be determined by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
