GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.24% against the USD and closed at1.5667, as domestic economic data failed to impress investors, with unemployment benefit claims climbing more than expected to 7,200 new claims, showing continued concerns for the UK economy. Moreover, the unemployment rate stayed at 8.4%, still at a 16 year high.
Further, GBP declined after Fitch Ratings changed its outlook on the UK to ‘Negative’ from ‘Stable’, citing the weak economic recovery, high debt levels and threats from Europe’s debt crisis.
In the Asian session, at GMT0400, the pair is trading at 1.5651, with the GBP trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 1.5610, and a fall through could take it to the next support level of 1.557. The pair is expected to find its first resistance at 1.5717, and a rise through could take it to the next resistance level of 1.5784.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
