GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.12% against the USD and closed at 1.5571, after the BoE minutes from its recent monetary policy meeting indicated that policymakers were of the view that the recent rise in wages in the nation were not sufficient enough to warrant any interest rate hike. Hence, majority of policymakers voted to keep key interest rate unchanged.
In other economic news, the ILO unemployment rate in the UK remained steady at 6.0%, for the three months ended October, compared to market expectations of a drop to a level of 5.9%. Meanwhile, the nation’s claimant count rate dropped to 2.7% in November, in line with market expectations and following a level of 2.8% registered in the previous month
In the Asian session, at GMT0400, the pair is trading at 1.5587, with the GBP trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.5505, and a fall through could take it to the next support level of 1.5422. The pair is expected to find its first resistance at 1.5705, and a rise through could take it to the next resistance level of 1.5822.
Looking ahead, investors would monitor Britain’s retail sales data for further cues, set for release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
