GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.21% against the USD and closed at 1.2894, following upbeat jobs report from the UK.
Data showed that Britain’s ILO unemployment rate unexpectedly dropped to 4.4% in the three months to June, highlighting that the nation’s jobs growth remains on a solid footing despite an overall slowdown in economic growth. Meanwhile, market participants were expecting the ILO unemployment rate to remain steady at 4.5% registered in the March-May period. Also, the nation’s average earnings including bonus climbed 2.1% on an annual basis in the April-June period, topping market consensus for a gain of 1.8% and following a revised rise of 1.9% in the three months to May.
In the Asian session, at GMT0300, the pair is trading at 1.2902, with the GBP trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2860, and a fall through could take it to the next support level of 1.2817. The pair is expected to find its first resistance at 1.2927, and a rise through could take it to the next resistance level of 1.2951.
Moving ahead, market participants will focus on Britain’s retail sales data for July, set to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
