GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.11% against the USD and closed at 1.6135, after an unexpected decline in the UK jobless claims for November.
The number of jobless claims in the UK fell by 3,000 to 1.58 million in November, against the market expectation to rise by 7,000. Additionally, the jobless rate remained unchanged at 7.8% in November, in line with the market expectations.
Separately, the Bank of England’s chief economist, Spencer Dale raised questions about incoming Governor Mark Carney’s radical policy ideas to revive growth, warning that they could jeopardise the central bank’s credibility.
In the Asian session, at GMT0400, the pair is trading at 1.6138, with the GBP trading steady from yesterday’s close.
The pair is expected to find support at 1.6098, and a fall through could take it to the next support level of 1.6059. The pair is expected to find its first resistance at 1.6175, and a rise through could take it to the next resistance level of 1.6212.
In the UK, CBI distributive trade survey being the only macro indicator scheduled today, Sterling is likely to track the prevalent risk sentiment in markets.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
