GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.6135, following positive UK employment data and as the minutes of the Bank of England’s meeting revealed that policymakers voted unanimously to leave policy unchanged this month.
In the UK, the claimant count fell by a seasonally adjusted 4,000 to 1.57 million in September, compared to a 14,200 decline in the previous month, while the claimant count rate remained steady at 4.8% in September. Meanwhile, the ILO unemployment rate declined to 7.9% for three months ended August, from 8.1% for three months ended May.
The Bank of England (BoE) latest meeting minutes revealed that the BoE policymakers unanimously decided to maintain quantitative easing at £375 billion and keep the interest rate unchanged at 0.50%.
In the Asian session, at GMT0300, the pair is trading at 1.6126, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.6101, and a fall through could take it to the next support level of 1.6077. The pair is expected to find its first resistance at 1.6165, and a rise through could take it to the next resistance level of 1.6203.
Trading trends in the pair today are expected to be determined by the release of retail sales in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
