GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.62% against the USD and closed at 1.5216, after UK’s unemployment rate fell to its lowest level since mid-2008 in the three months ended September.
Data showed that Britain’s ILO unemployment rate unexpectedly declined to 5.3% during the July-September 2015 period, compared to 5.4% during the June-August 2015 period. Investors had expected it to remain unchanged. However, the nation’s average earnings excluding bonus rose less-than-expected by 2.5% YoY in the three months ended September, compared to a 2.8% rise in the previous quarter. Market participants had expected it to rise 2.7%. Meanwhile, UK’s claimant count rate remained steady at 2.3% in October, meeting expectations.
In the Asian session, at GMT0400, the pair is trading at 1.523, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5160, and a fall through could take it to the next support level of 1.5090. The pair is expected to find its first resistance at 1.5274, and a rise through could take it to the next resistance level of 1.5318.
Going ahead, investors will look forward to UK’s CB leading economic index data for October, scheduled to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
