GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.38% against the USD and closed at 1.6193.
Yesterday, the Centre for Economics and Business Research (CEBR) cautioned that unemployment in most parts of the UK is likely to rise over the next five years. The economic think-tank indicated that the overall jobless rate could hit 10.7% by 2016, the highest for more than a decade.In the Asian session, at GMT0300, the pair is trading at 1.6174, with the GBP trading 0.11% lower from yesterday’s close.
Data released this morning showed that the RICS House Price Balance in the UK fell to -19 in April, from a slightly downwardly revised -11 in March. Additionally, Lloyds Employment Confidence in the UK continued to be in negative territory and stood at -59.
The pair is expected to find support at 1.6126, and a fall through could take it to the next support level of 1.6079. The pair is expected to find its first resistance at 1.6211, and a rise through could take it to the next resistance level of 1.6247.
Pound is likely to receive increased market attention, with UK BRC retail sales data due to be released later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
