Fundamental Analysis

UK's ILO Unemployment Rate Remained Steady At Its Lowest Since 1975 In The Three Months To August

Typography

For the 24 hours to 23:00 GMT, the GBP rose 0.13% against the USD and closed at 1.3209, after data showed that Britain's ILO unemployment rate remained steady at a 42-year low level of 4.3% in the three months to August, meeting market expectations.

Further, the nation's average earnings including bonus rose more-than-anticipated by 2.2% on an annual basis in the June-August period, compared to a revised similar rise in the May-July period. Markets had anticipated average earnings including bonus to gain 2.1%.

In the Asian session, at GMT0300, the pair is trading at 1.3204, with the GBP trading a tad lower against the USD from yesterday's close.

The pair is expected to find support at 1.3153, and a fall through could take it to the next support level of 1.3102. The pair is expected to find its first resistance at 1.3242, and a rise through could take it to the next resistance level of 1.3280.

Trading trend in the Pound today is expected to be determined by the release of UK's retail sales data for September, slated to release in a few hours.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
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