GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP traded marginally higher against the USD and closed at 1.5677, following positive employment data from the UK.
In the UK, the ILO unemployment rate fell to 8.0% in the Q2 FY2012, compared to a rate of 8.1% recorded in Q1 FY2012. Meanwhile, the claimant count declined by 5,900 persons to 1.59 million in July.
Yesterday, the Bank of England (BoE) in its minutes revealed that the policymakers have unanimously decided to retain quantitative easing at £375 billion and have maintained the interest rate at 0.50%.
In the Asian session, at GMT0300, the pair is trading at 1.5674, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5656, and a fall through could take it to the next support level of 1.5638. The pair is expected to find its first resistance at 1.5697, and a rise through could take it to the next resistance level of 1.5720.
Trading trends in the pair today are expected to be determined by the release of retail sales data in the UK.
The currency pair is trading just below its 20 Hr and its 50 Hr moving averages.
