GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.34% against the USD and closed at 1.4334, following disappointing employment report in the UK.
Data showed that average weekly earnings rose by 1.8% in the three months to February, its slowest rate since January last year, after recording a rise of 2.1% during the previous three-month period. Investors were expecting it to increase by 2.3%. Also, the number of people employed rose less-than-expected by 20.0K, the slowest pace of growth since June 2015. Markets were expecting employment to advance by 60.0K, following an increase of 116.0K during the November-January 2016 period. However, UK’s ILO unemployment rate remained steady at a decade low level of 5.1%, in line with market expectations, during the December-February 2016 period.
In the Asian session, at GMT0300, the pair is trading at 1.4333, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.4299, and a fall through could take it to the next support level of 1.4264. The pair is expected to find its first resistance at 1.4390, and a rise through could take it to the next resistance level of 1.4446.
Going ahead, investors will look forward to the release of Britain’s retail sales and public sector net borrowing data, both for the month of March, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
