GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.24% against the USD and closed at 1.5946. The US Dollar gained ground after the US Senate agreed to raise the nation’s $16.7 trillion debt ceiling and open the government after 16 days of shut down.
However, the Pound received support earlier from a report that showed jobless claims in the UK declined more than expected by 41.7K in September, following a revised decline of 41.6K recorded in August. On the flip side, the ILO unemployment rate steadied at 7.7% for three months ending August.
In the Asian session, at GMT0300, the pair is trading at 1.5977, with the GBP trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 1.5893, and a fall through could take it to the next support level of 1.5810. The pair is expected to find its first resistance at 1.6061, and a rise through could take it to the next resistance level of 1.6146.
Later during the day, retail sales data in the UK would remain on traders’ radar, which will provide further insights into the progress of the domestic economic recovery.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
