GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP slightly fell against the USD and closed at 1.3023, after UK’s Chancellor, Philip Hammond stated that time was running out to secure a Brexit deal.
On the data front, UK’s ILO unemployment rate remained steady at a rate of 4.0% in the three months period of May-July 2018 period, registering its lowest rate since February 1975 and in line with market expectations.
Meanwhile, the nation’s average earnings including bonus climbed 2.6% on an annual basis in the May-July 2018 period, compared to an advance of 2.4% in April-June 2018. Markets participants had anticipated average earnings to rise 2.5%.
In the Asian session, at GMT0300, the pair is trading at 1.3011, with the GBP trading 0.09% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2955, and a fall through could take it to the next support level of 1.2899. The pair is expected to find its first resistance at 1.3077, and a rise through could take it to the next resistance level of 1.3143.
With no macroeconomic releases in Britain today, investor sentiment would be governed by global macroeconomic events.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
