GBP/USD: Sterling Advanced On Upbeat UK Jobless Data

GBP/USD: Sterling Advanced On Upbeat UK Jobless Data

For the 24 hours to 23:00 GMT, GBP rose 0.11% against the USD and closed at 1.6135, after an unexpected decline in the UK jobless claims for November.

The number of jobless claims in the UK fell by 3,000 to 1.58 million in November, against the market expectation to rise by 7,000. Additionally, the jobless rate remained unchanged at 7.8% in November, in line with the market expectations.

Separately, the Bank of England’s chief economist, Spencer Dale raised questions about incoming Governor Mark Carney’s radical policy ideas to revive growth, warning that they could jeopardise the central bank’s credibility.

In the Asian session, at GMT0400, the pair is trading at 1.6138, with the GBP trading steady from yesterday’s close.

The pair is expected to find support at 1.6098, and a fall through could take it to the next support level of 1.6059. The pair is expected to find its first resistance at 1.6175, and a rise through could take it to the next resistance level of 1.6212.