GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.44% against the USD and closed at 1.5517, as the UK unemployment rate remained unchanged at 7.8% in June as expected, but jobless benefit claims declined more than anticipated in July by 29,200. Markets were expecting a fall of just 15,000.
Also, the minutes from the latest Monetary Policy Committee (MPC) meeting released yesterday, showed that while members voted unanimously on policy they were divided on the decision to give forward guidance.
In the Asian session, at GMT0300, the pair is trading at 1.5517, with the GBP trading steady from yesterday’s close.
The pair is expected to find support at 1.5443, and a fall through could take it to the next support level of 1.5370. The pair is expected to find its first resistance at 1.5569, and a rise through could take it to the next resistance level of 1.5622.
In the UK, with only retail sales on tap later today, the general market tone is likely to govern the movement in Pound against the majors.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
