GBP/USD: Britain’s Gfk consumer confidence index eased in September


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.73% against the USD and closed at 1.3075.

In the Asian session, at GMT0300, the pair is trading at 1.3079, with the GBP trading slightly higher against the USD from yesterday’s close.

Data indicated that the Gfk consumer confidence declined to a level of -9.0 in September, compared to market expectations for a fall to a level of -8.0. In the previous month, the consumer confidence had recorded a level of -7.0. On the contrary, the Lloyds business barometer jumped to a level of 29.0% in September, following a reading of 23.0% in the prior month.

The pair is expected to find support at 1.3047, and a fall through could take it to the next support level of 1.3014. The pair is expected to find its first resistance at 1.3138, and a rise through could take it to the next resistance level of 1.3196.

Trading trend in the Sterling today is expected to be determined by UK’s gross domestic product for 2Q, due to be released in a few hours.

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

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