GBPUSD Movement
On Friday, GBP fell 0.57% against the USD and closed at 1.4940, as the greenback registered gains against major currencies following stronger-than-forecasted US employment data.
The Department of Labor indicated that the US economy added 236,000 jobs in February, much higher than the expected increase of 160,000. Moreover, the unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.
Meanwhile, a survey by the Bank of England revealed that consumers in the UK expect the price of goods and services to increase in next 12 months to 3.6% in February, compared to a 3.5% rise projected three months ago.
In the Asian session, at GMT0400, the pair is trading at 1.4919, with the GBP trading 0.14% lower from Friday’s close.
This morning, the Lloyds employment confidence index in the UK climbed to a reading of -44.0 in February, compared to a reading of -45.0 reported in January.
The pair is expected to find support at 1.4853, and a fall through could take it to the next support level of 1.4788. The pair is expected to find its first resistance at 1.5016, and a rise through could take it to the next resistance level of 1.5114.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
