GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.88% against the USD and closed at 1.2409, amid growing concerns of a no-deal Brexit.
On the data front, UK’s ILO unemployment rate remained unchanged at a 44-year low rate of 3.8% in the three months ended May 2019 period, in line with market expectations. Meanwhile, the nation’s average earnings including bonus climbed 3.4% on an annual basis in the March-May 2019 period, surpassing market consensus for a gain of 3.1%. In the February-April 2019 period, average earnings including bonus had recorded a revised increase of 3.2%.
In the Asian session, at GMT0300, the pair is trading at 1.2410, with the GBP trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2365, and a fall through could take it to the next support level of 1.2321. The pair is expected to find its first resistance at 1.2486, and a rise through could take it to the next resistance level of 1.2563.
Looking ahead, traders would closely monitor UK’s consumer price index, producer price index and retail price index, all for June along with the house price index for May, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
