For the 24 hours to 23:00 GMT, the GBP rose 1.06% against the USD and closed at 1.3062, amid hopes that a meeting between UK Prime Minister Theresa May and European Commission President Jean-Claude Juncker would resolve the Irish border issue.
Macroeconomic data indicated that UK’s ILO unemployment rate remained steady at a 44-year low rate of 4.0% in the three months ended December 2018, meeting market expectations. Moreover, Britain’s average earnings including bonus advanced 3.4% on a yearly basis in the October-December 2018 period, undershooting market consensus for a rise of 3.5%. The average earnings including bonus had registered a similar rise in the September-November 2018 period.
In the Asian session, at GMT0400, the pair is trading at 1.3062, with the GBP trading flat against the USD from yesterday’s close.
The pair is expected to find support at 1.2947, and a fall through could take it to the next support level of 1.2831. The pair is expected to find its first resistance at 1.3127, and a rise through could take it to the next resistance level of 1.3191.
Trading trend in the British Pound today, is expected to be determined by UK’s CBI total trends orders for February, slated to release in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
