GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.9% against the USD and closed at 1.2298, after UK’s consumer price index (CPI) jumped by 1.0% YoY in September, advancing at the fastest pace in nearly two years, compared to market expectations for a rise of 0.9% and after recording an increase of 0.6% in the prior month. Additionally, the CPI rose more-than-expected by 0.2% on a monthly basis in September, following a rise of 0.3% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.2294, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2232, and a fall through could take it to the next support level of 1.2171. The pair is expected to find its first resistance at 1.2340, and a rise through could take it to the next resistance level of 1.2387.
Moving ahead, UK’s ILO unemployment rate for the three months to August, scheduled to release in a few hours, would keep investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
