GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.57% against the USD and closed at 1.6022.
Pound traded higher against greenback, buoyed by better-than-expected unemployment rate in the UK.
Separately, the minutes of the Bank of England’s Monetary Policy Committee (MPC) meeting released indicated that Adam Posen, who had been an advocate of expanding the central bank’s bond-buying program had voted with a majority of panel’s members to leave the size of the program unchanged at 325 billion pounds ($519.3 billion).
In economic news, the UK claimant count change rose by 3,600 in March, lower than the rise of 4,500 in February. Additionally, the ILO unemployment rate in the UK, during the three months till February, stood at 8.3%, compared to a rate of 8.4% in three months ended January. Market had expected unemployment rate to remain unchanged at 8.4% in February.
In the Asian session, at GMT0300, the pair is trading at 1.6031, with the GBP trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.5937, and a fall through could take it to the next support level of 1.5842. The pair is expected to find its first resistance at 1.6084, and a rise through could take it to the next resistance level of 1.6137.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
