GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 3.52% against the USD and closed at 1.2569.
On the data front, UK’s ILO unemployment rate unexpectedly remained unchanged at 3.9% in three months ended April. Meanwhile, average earnings including bonus rose 1.0% on an annual basis in the three-month ended April, less than market forecast for a rise of 1.4% and compared to revised rise of 2.3% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2548, with the GBP trading 0.17% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2497, and a fall through could take it to the next support level of 1.2447. The pair is expected to find its first resistance at 1.2643, and a rise through could take it to the next resistance level of 1.2739.
Moving ahead, traders would keep a watch on UK’s consumer price index, the retail price index, and the producer price index, all for May, along with the DCLG house price index for April, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
