GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.95% against the USD and closed at 1.2539.
In econo0mic news, data showed that UK’s ILO unemployment rate remained steady at an eleven-year low level of 4.8% in the three months to October, meeting market expectations. However, the number of people employed fell for the first time in more than a year, after it unexpectedly eased 6.0K in the August-October 2016 period, defying market expectations for an advance of 50.0K and following an increase of 49.0K in the preceding period, suggesting that the nation’s labour market is losing steam following the EU referendum.
In the Asian session, at GMT0400, the pair is trading at 1.2543, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.2461, and a fall through could take it to the next support level of 1.238. The pair is expected to find its first resistance at 1.2672, and a rise through could take it to the next resistance level of 1.2802.
Going ahead, all eyes will be on Bank of England’s interest rate decision, along with UK’s retail sales data for November, scheduled to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
