GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.66% against the USD and closed at 1.3000.
Data showed that UK’s ILO unemployment rate remained unchanged at 3.8% in the October-December 2019 period, in line with market expectations and hitting its lowest level since early 1975. Meanwhile, average earnings including bonus climbed 2.9% on an annual basis in December, undershooting market expectations for a rise of 3.0%. In the previous month, average earnings had recorded a rise of 3.2%.
In the Asian session, at GMT0400, the pair is trading at 1.2998, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2963, and a fall through could take it to the next support level of 1.2928. The pair is expected to find its first resistance at 1.3041, and a rise through could take it to the next resistance level of 1.3084.
Going forward, investors would keep an eye on UK’s consumer price index (CPI), the producer price index (PPI) and the retail price index, all for January, along with the house price index for December, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
