GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.16% against the USD and closed at 1.3268, amid upbeat jobs data.
Data indicated that UK’s ILO unemployment rate unexpectedly slid to a 44-year low of 3.9% in the November-January 2019 period, defying market expectations for a steady reading. The ILO unemployment rate stood at 4.0% in the three months ended December 2018. Moreover, Britain’s average earnings including bonus jumped 3.4% on a yearly basis in the November-January 2019 period, higher than market consensus for a gain of 3.2%. The average earnings including bonus had recorded a revised rise of 3.5% in the three months ended December 2018.
In major news, UK Prime Minister, Theresa May’s petition for a three months delay in the EU-Britain’s divorce deal, after the Brexit draft was rejected thrice in the parliament.
In the Asian session, at GMT0400, the pair is trading at 1.3258, with the GBP trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.3229, and a fall through could take it to the next support level of 1.3200. The pair is expected to find its first resistance at 1.3299, and a rise through could take it to the next resistance level of 1.3340.
Looking ahead, investors would closely monitor UK’s consumer price index, retail price index and producer price index, all for February, along with house price index for January, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
