GBP/USD: UK’s GfK consumer confidence improved in January


GBPUSD Movement

For the 24 hours to 23:00 GMT, the GBP declined 0.71% against the USD and closed at 1.2492.

In the Asian session, at GMT0400, the pair is trading at 1.2508, with the GBP trading 0.13% higher against the USD from yesterday’s close.

Overnight data showed that UK’s GfK consumer confidence unexpectedly improved to a level of -5.0 in January, compared to market expectations of a drop to -8.0 and following a level of -7.0 in the prior month. Also, the nation’s Lloyds business barometer index eased to a level of 29.0 in January, compared to a level of 39.0 in the previous month.

The pair is expected to find support at 1.2450, and a fall through could take it to the next support level of 1.2392. The pair is expected to find its first resistance at 1.2578, and a rise through could take it to the next resistance level of 1.2648.

Moving ahead, UK’s consumer credit and mortgage approvals data, both for December, scheduled to release in a few hours, will keep investors on their toes.

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

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