GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.20% against the USD and closed at 1.5834, after wage growth in the UK picked up more than expected in the three months ended April.
Data showed that average weekly earnings in the UK climbed more than expected by 2.7% YoY in the February-April 2015 period, compared to a revised gain of 2.3% in the previous period. Meanwhile, the nation’s ILO unemployment rate remained unchanged at 5.50% in the February-April 2015 period, at par with market expectations.
Separately, the BoE’s latest monetary policy meeting minutes revealed that policymakers were unanimous in keeping the interest rate steady at the last meeting. Additionally, all the nine panel members left the size of the bond portfolio intact at £375 billion.
In the Asian session, at GMT0300, the pair is trading at 1.5845, with the GBP trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 1.5696, and a fall through could take it to the next support level of 1.5547. The pair is expected to find its first resistance at 1.5923, and a rise through could take it to the next resistance level of 1.6001.
Moving ahead, investors would keep a close eye on Britain’s retail sales data, scheduled later today, after strongly bouncing back in April.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
