GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.22% against the USD and closed at 1.6105.
In the UK, the number of people claiming jobseeker’s allowance declined by 15,000 in August to 1.57 million. Market had expected the number to remain flat in August after falling 13,600 in July. However, the unemployment rate rose unexpectedly to 8.1% in the three months to July, from 8.0% in the in the three months to April.
The Pound also rose against the US Dollar, after Moody’s earlier indicated that the US credit rating could be downgraded if policymakers fail to address issues pertaining to the nation’s fiscal situation.
In the Asian session, at GMT0300, the pair is trading at 1.6112, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6076, and a fall through could take it to the next support level of 1.6041. The pair is expected to find its first resistance at 1.6139, and a rise through could take it to the next resistance level of 1.6167.
Investors await the Bank of England’s quarterly bulletin to offer further guidelines to the pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
