GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally fell against the USD and closed at 1.7139, despite data indicating a better than expected employment data from the UK. The unemployment rate in the UK dropped to 6.5% in the three months through May, the lowest since 2008, from 6.6% in the period ending April. Meanwhile, the people claiming unemployment benefits in the nation fell more-than-expected 36,300 last month, compared to expectations for a decline of 27,000 people.
In the Asian session, at GMT0300, the pair is trading at 1.7139, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.7117, and a fall through could take it to the next support level of 1.7095. The pair is expected to find its first resistance at 1.7157, and a rise through could take it to the next resistance level of 1.7175.
Amid lack of economic releases from the UK, trading trends in the pair today are expected to be determined by external factors.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
