GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.58% against the USD and closed at 1.5656, after the Lloyds employment confidence index in the UK rose to 1.0 in November, compared to a level of 0.0 registered in October.
Yesterday, the BoE’s policymaker Martin Weale stated that productivity growth in the UK labour market was not anticipated to increase to pre-crisis levels in the near term, largely due to international factors. He further added that consistently slow productivity growth had implications for interest rates over both the short term and the medium term.
In the Asian session, at GMT0400, the pair is trading at 1.5630, with the GBP trading 0.16% lower from yesterday’s close.
Earlier today, the BRC showed that Britain’s retail sales across all sectors rose 0.9% on an annual basis in November, after registering a flat reading in the prior month, while markets were expecting it to advance 0.8%.
The pair is expected to find support at 1.5554, and a fall through could take it to the next support level of 1.5477. The pair is expected to find its first resistance at 1.5694, and a rise through could take it to the next resistance level of 1.5757.
Trading trends in the Pound today are expected to be determined by the UK’s industrial as well as manufacturing production data, scheduled in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
