GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.07% against the USD and closed at 1.2289.
In economic news, data showed that UK’s ILO unemployment rate remained unchanged at an eleven-year low level of 4.9% during the three months ended August, in line with market expectations, suggesting that Britain’s decision to leave the European Union had little impact so far on the nation’s labour market.
In the Asian session, at GMT0300, the pair is trading at 1.2296, with the GBP trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 1.2256, and a fall through could take it to the next support level of 1.2215. The pair is expected to find its first resistance at 1.2333, and a rise through could take it to the next resistance level of 1.2369.
Going ahead, market participants would look forward to UK’s retail sales for September, scheduled to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
