GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined marginally against the USD and closed at 1.2441.
On the data front, UK’s ILO unemployment rate unexpectedly dropped to 4.8% in the three months through September, while markets expected it to remain steady at 4.9%, recorded in the previous month. Meanwhile, the nation’s employment climbed by 49.0K in the July-September 2016 period, recording the slowest increase since the three months to March and falling well short of market expectations for it to rise by 91.0K. The number of people employed rose by 106.0K in the June-August period.
In the Asian session, at GMT0400, the pair is trading at 1.2413, with the GBP trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2380, and a fall through could take it to the next support level of 1.2347. The pair is expected to find its first resistance at 1.2474, and a rise through could take it to the next resistance level of 1.2535.
Going ahead, UK’s retail sales for October, scheduled to release in a few hours, would be on investor’s radar.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
