GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.24% against the USD and closed at 1.3188, after data showed that Britain’s wage growth hit a 10-year high in August. The average earnings including bonus advanced 2.7% in the June-August 2018 period, more than market expectations for a gain of 2.6%. The average earnings including bonus had recorded a rise of 2.6% in the May-July 2018 period. Meanwhile, the UK’s ILO unemployment rate remained steady at 4.0% for the three-months ended August 2018, marking its lowest level since 1975 and meeting market expectations. On the contrary, the nation’s number of unemployment benefits claimants climbed to its 43-year low level by 18.5K in September. Number of unemployment benefits claimants had registered a revised gain of 14.2K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3175, with the GBP trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3132, and a fall through could take it to the next support level of 1.3089. The pair is expected to find its first resistance at 1.3227, and a rise through could take it to the next resistance level of 1.3279.
Going ahead, traders would closely monitor UK’s consumer price index and retail price index, both for September and house price index for August, set to release in a few hours.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.s
