GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.37% against the USD and closed at 1.3028, amid optimism over a Brexit deal.
Data indicated that the UK’s ILO unemployment rate unexpectedly climbed to 4.1% in the three months ended September 2018, compared to a reading of 4.0% in June-August 2018. Market participants had envisaged the unemployment rate to record a steady reading. Meanwhile, the nation’s average earnings including bonus rose 3.0% on an annual basis in July-September 2018, in line with market expectations and compared to a revised advance of 2.8% in the June-August 2018.
In the Asian session, at GMT0400, the pair is trading at 1.3002, with the GBP trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2894, and a fall through could take it to the next support level of 1.2785. The pair is expected to find its first resistance at 1.3079, and a rise through could take it to the next resistance level of 1.3155.
Looking ahead, investors would closely monitor UK’s consumer price index, retail price index and producer price index, all for October, along with the house price index for September, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
