GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5238.
The ILO unemployment rate in the UK fell to 7.8% in the three months to March, from 7.9% recorded earlier. Moreover, the number of people claiming unemployment benefits fell more-than-expected by 7.3K in April, against market expectations for a 3.0K drop.
Separately, the Bank of England (BoE), in its inflation forecast released yesterday indicated that it expected the UK economy to grow faster and record lower-than-expected inflation numbers. However, the central bank warned that downside risks to the nation still prevail.
In the Asian session, at GMT0300, the pair is trading at 1.5221, with the GBP trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 1.5171, and a fall through could take it to the next support level of 1.5122. The pair is expected to find its first resistance at 1.5272, and a rise through could take it to the next resistance level of 1.5324.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
