GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.49% against the USD and closed at 1.5819.
On an annual basis, the Consumer Price Index (CPI) in the UK rose 5.0% in October, compared to 5.2% growth recorded in September. Additionally, on an annual basis, the Core CPI rose 3.4% in October, following a 3.3% growth recorded in September The retail price inflation eased to 5.4% (Y-o-Y) in October, compared to a rate of 5.6% recorded in September. Additionally, the DCLG House Price Index declined 1.4% in September, compared to a 1.3% decline in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.5769, with the GBP trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 1.5707, and a fall through could take it to the next support level of 1.5646. The pair is expected to find its first resistance at 1.5881, and a rise through could take it to the next resistance level of 1.5994.
Investors are eying the Bank of England (BoE) quarterly inflation report along with other economic releases in the UK to be released later today.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
