GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.77% against the USD and closed at 1.5657.
In the UK, Lloyds Bank Corporate Markets indicated that its employment confidence index retreated to -67.0 in September, from -66.0 in August.
This morning, the British Retail Consortium (BRC) reported that, the like-for-like retail sales climbed 0.3% (YoY) in September.
Additionally, the Royal Institution of Chartered Surveyors (RICS) in its monthly price balance survey reported that agents reporting price hikes over the preceding three months as opposed to those reporting declines came in unchanged at -23.0 in September.
In the Asian session, at GMT0300, the pair is trading at 1.5620, with the GBP trading 0.24% lower from the New York close.
The pair is expected to find support at 1.5572, and a fall through could take it to the next support level of 1.5525. The pair is expected to find its first resistance at 1.5678, and a rise through could take it to the next resistance level of 1.5737.
With a series of UK economic releases today, including industrial production and manufacturing production, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
