GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.10% against the USD and closed at 1.5897, as Italian borrowing costs surged to record highs after a government bond auction, weighing on demand for British Pound.
In the Asian session, at GMT0400, the pair is trading at 1.5890, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5822, and a fall through could take it to the next support level of 1.5754. The pair is expected to find its first resistance at 1.6017, and a rise through could take it to the next resistance level of 1.6144.
Trading trends in the pair today are expected to be determined by release of Retail Price Index and Consumer Price Index in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
