GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.22% against the USD and closed at 1.5617, after the UK’s ILO unemployment rate remained unchanged at 5.60% in the April-June 2015 period, in line with market expectations. Additionally, the average earnings excluding bonus rose 2.80% YoY in the same period, compared to a similar rise in the March-May 2015 period.
In the Asian session, at GMT0300, the pair is trading at 1.5621, with the GBP trading marginally higher from yesterday’s close, after July house price balance climbed in the UK.
Overnight data showed that UK’s RICS house price balance advanced to 44.00 in July, compared to consensus estimates of a level of 42.00 and a reading of 40.00 in the previous month.
The pair is expected to find support at 1.5552, and a fall through could take it to the next support level of 1.5483. The pair is expected to find its first resistance at 1.5676, and a rise through could take it to the next resistance level of 1.5730.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
