GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.13% against the USD and closed at 1.3057.
On the data front, UK’s ILO unemployment rate remained unchanged at 3.9% in the three months ended June. On the flipside, average earnings including bonus declined 1.2% on an annual basis in the three months ended June, more than market forecast for a drop of 1.1% and compared to a fall of 0.3% in the prior month.
In the Asian session, at GMT0200, the pair is trading at 1.3031, with the GBP trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2990, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.3102, and a rise through could take it to the next resistance level of 1.3173.
Going forward, traders would keep a watch on UK’s total trade balance, industrial production, and manufacturing production, all for June, followed by gross domestic product for 2Q 2020, slated to release in a few hours. Additionally, the NIESR GDP estimate and the RICS housing price balance, both for July, would keep investors on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
