COZfx: UK’s ILO unemployment remained steady in the three months to April, wage growth slows in the same period

COZforex: For the past trading session, the GBP declined 0.06% against the USD and closed at 1.3371.

On the macro front, Britain’s ILO unemployment rate remained unchanged at a rate of 4.2% in the February-April 2018 period, meeting market expectations and recording its lowest level since 1975. However, the nation’s average earnings including bonus grew 2.5% in the February-April 2018 period, less than market expectations for a rise of 2.6%. Average earnings including bonus had risen 2.6% in the January-March 2018 period.

In the Asian session, the pair is trading at 1.3363, with the GBP trading 0.06% lower against the USD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: GBP/USD is expected to find support at 1.3328 and a fall through could take it to the next support level of 1.3294; Meanwhile, the pair is expected to find its first resistance at 1.3411, and a rise through could take it to the next resistance level of 1.3460.

Going ahead, investors would eye UK’s inflation figures for May, as well as the nation’s house price index for April, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

(COZ forex UK)