GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.27% against the USD and closed at 1.2723.
On the data front, UK’s ILO unemployment rate remained unchanged at a 45-year low rate of 3.8% in the February-April 2019 period, meeting market expectations. Meanwhile, Britain’s average earnings including bonus advanced 3.1% on an annual basis in the three-months ended April 2019, compared to a gain of 3.2% in the January-March 2019 period. Market participants had anticipated average earnings including bonus to register a climb of 3.0%.
In the Asian session, at GMT0300, the pair is trading at 1.2718, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2680, and a fall through could take it to the next support level of 1.2642. The pair is expected to find its first resistance at 1.2746, and a rise through could take it to the next resistance level of 1.2774.
Moving ahead, traders would keep an eye on UK’s RICS house price balance for May, set to release overnight.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
