GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.21% against the USD and closed at 1.5731, as risk appetite among investors increased after media reports highlighted Syrian Foreign Minister, Walid al-Moallem’s stance that his government has agreed to a Russian proposal to place its chemical weapons under international control.
In the Asian session, at GMT0300, the pair is trading at 1.5724, with the GBP trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.5691, and a fall through could take it to the next support level of 1.5658. The pair is expected to find its first resistance at 1.5751, and a rise through could take it to the next resistance level of 1.5778.
Trading trend in the Pound is expected to be determined by a report on claimant count change and unemployment rate in the UK, due to be released later today. The UK jobless rate is expected to remain at 7.8% in the three months to July, while the number of jobless claimants is set to decline by 22,000 over the month to August. Investors are also expected to keep a close watch on MPC Member, David Miles’ speech, expected to commence later during the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
