GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.16% against the USD and closed at 1.2659.
On the economic front, Britain’s consumer price index (CPI) advanced more-than-anticipated by 1.2% YoY in November, hitting its highest rate since October 2014, driven by a hike in the price of clothes and depreciating pound. The CPI gained 0.9% in the prior month, while markets expected it to rise 1.1%.
In the Asian session, at GMT0400, the pair is trading at 1.2653, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2618, and a fall through could take it to the next support level of 1.2584. The pair is expected to find its first resistance at 1.2707, and a rise through could take it to the next resistance level of 1.2762.
Moving ahead, UK’s ILO unemployment rate for the three months to October, scheduled to release in a few hours, will be on investors’ radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
