GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.73% against the USD and closed at 1.2867, following weaker-than-expected UK inflation data.
Britain’s consumer price index (CPI) climbed 2.6% on an annual basis in July, compared to a similar rise in the previous month. Market participants had expected the CPI to advance 2.7%.
In the Asian session, at GMT0300, the pair is trading at 1.2863, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2816, and a fall through could take it to the next support level of 1.2769. The pair is expected to find its first resistance at 1.294, and a rise through could take it to the next resistance level of 1.3017.
Going forward, UK’s ILO unemployment rate data for the three months to June, slated to release in a few hours, will grab a lot of market attention.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
