GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.08% against the USD and closed at 1.6056.
In the UK, the Halifax house prices rose 1.2% in October, compared to 0.5% decline in the previous month. The Lloyds Employment Confidence Index declined to -72.0 in October, compared to -67.0 in the previous month.
Additionally, this morning, the British Retail Consortium (BRC) retail sales declined 0.6% (Y-o-Y), compared to 0.3% rise in the previous month. The RICS House Price Balance index declined to -24.0 for October from -23.0 in September.
In the Asian session, at GMT0400, the pair is trading at 1.6043, with the GBP trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 1.5989, and a fall through could take it to the next support level of 1.5935. The pair is expected to find its first resistance at 1.6088, and a rise through could take it to the next resistance level of 1.6133.
Trading trends in the pair today are expected to be determined by release of manufacturing production and industrial production data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
