GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 0.35% against the USD and closed at 1.4984.
In economic news, UK’s ILO unemployment rate surprisingly declined to 5.2% in the three months to October, compared to a reading of 5.3% in the July-September 2015 period. However, the nation’s average weekly earnings growth slowed to 2.4% during the same period, from 3.0% during the previous quarter, which is likely to weigh on the BoE’s rate hike prospectus.
In the Asian session, at GMT0400, the pair is trading at 1.4944, with the GBP trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 1.4878, and a fall through could take it to the next support level of 1.4812. The pair is expected to find its first resistance at 1.5054, and a rise through could take it to the next resistance level of 1.5165.
Moving ahead, investors will look forward to Britain’s retail sales data for November, scheduled to be released in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
