GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.26% against the USD and closed at 1.5683, after the number of unemployed people in the UK fell by 8.6K in May, following an upwardly revised drop of 11.8K recorded in April. Meanwhile, claimant count rate in UK remained unchanged to 4.5% in May from the previous month. Also, the number of people employed in UK rose by 24.00K for the period from February to April 2013, beating the market expectation of a fall by 11.00K. Moreover, the ILO unemployment rate remained stable at 7.8% in the period from February to April 2013. Additionally, UK’s average weekly earnings rose at a higher pace in April.
In the Asian session, at GMT0300, the pair is trading at 1.5681, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5641, and a fall through could take it to the next support level of 1.5600. The pair is expected to find its first resistance at 1.5712, and a rise through could take it to the next resistance level of 1.5742.
The currency pair is showing convergence with its 20 Hr moving average and is moving above its 50 Hr moving average.
