GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.14% against the USD and closed at 1.2061.
On the macro front, UK’s ILO unemployment rate unexpectedly climbed 3.9% in the three months ended June 2019, marking its highest level since 1971 and defying market anticipations for a steady reading. The ILO unemployment rate had registered a rate of 3.8% in the March-May 2019 period. Meanwhile, the nation’s average earnings including bonus rose to a 11-year high level of 3.7% on a yearly basis in the April-June 2019 period, in line with market expectations. The average earnings including bonus had registered a revised rise of 3.5% in the March-May 2019 period.
In the Asian session, at GMT0300, the pair is trading at 1.2058, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2034, and a fall through could take it to the next support level of 1.2010. The pair is expected to find its first resistance at 1.2090, and a rise through could take it to the next resistance level of 1.2122.
Trading trend in the Sterling today, is expected to be determined by UK consumer price index, retail price index and producer price index, all for July and house price index for June, slated to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
