GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.33% against the USD and closed at 1.5427.
In the Asian session, at GMT0400, the pair is trading at 1.5443, with the GBP trading 0.1% higher from yesterday’s close, as the traders await key UK employment and minutes of Bank of England releases ahead in the day.
Market participants witnessed disappointing claimant count reading in past and are speculating now for strong reading that could give the Pound a badly-needed boost. Meanwhile, the unemployment rate is expected to remain steady at its current level of 7.7%.
Separately, the BoE would release its MPC meeting minutes, as investors would examine the breakdown of the voting pattern by the members with regard to the interest rate and asset purchase decisions. Any unexpected reading could act as a market-mover for the pair.
The pair is expected to find support at 1.5404, and a fall through could take it to the next support level of 1.5364. The pair is expected to find its first resistance at 1.5494, and a rise through could take it to the next resistance level of 1.5544.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
