GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP marginally declined against the USD and closed at 1.2849.
In economic news, UK’s ILO unemployment rate unexpectedly declined to its lowest rate in 4-years to 3.8% in the three months ended September 2019, defying market anticipations for a steady reading. In the June-August 2019 period, the ILO unemployment rate stood at 3.9%. Further, Britain’s average earnings including bonus rose 3.6% on an annual basis in the July-September 2019 period, compared to a revised rise of 3.7% in the June-August 2019 period. Market participants had envisaged the average earnings to rise 3.8%.
In the Asian session, at GMT0400, the pair is trading at 1.2847, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2817, and a fall through could take it to the next support level of 1.2788. The pair is expected to find its first resistance at 1.2875, and a rise through could take it to the next resistance level of 1.2904.
Trading trend in the Sterling today, is expected to be determined by UK’s consumer price index and retail price index, both for October, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
