GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined marginally against the USD and closed at 1.3041.
Macroeconomic data revealed that the UK’s ILO unemployment rate remained steady at the lowest level in more than 10 years of 4.9% in the April-June 2016 period, in line with market expectations, suggesting that the nation’s labour market was untroubled by the Brexit shock. Additionally, the number of people claiming unemployment benefit in the UK unexpectedly fell by 8.6K in July, compared to market expectations of an advance of 9.0K and following a revised increase of 0.9K in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3053, with the GBP trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2990, and a fall through could take it to the next support level of 1.2928. The pair is expected to find its first resistance at 1.3101, and a rise through could take it to the next resistance level of 1.3150.
Going ahead, market participants would look forward to UK’s retail sales data for July, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
