GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.60% against the USD and closed at 1.5489.
In the UK, the Consumer Price Index (CPI) rose 4.8% (YoY) in November, compared to 5.0% in the previous month. The retail price inflation declined to 5.2% (YoY) in November, compared to 5.4% in October. The DCLG House Price Index fell 0.4% (YoY) in October, following a 1.4% drop in September.
The Bank of England chief economist, Spencer Dale stated that inflation may come down to around 3% by March next year, but the price developments beyond that is crucial for the future stance of monetary policy.
In the Asian session, at GMT0400, the pair is trading at 1.5482, with the GBP trading 0.04% lower from yesterday’s close.
The pair is expected to find support at 1.5412, and a fall through could take it to the next support level of 1.5342. The pair is expected to find its first resistance at 1.5590, and a rise through could take it to the next resistance level of 1.5699.
With a series of UK economic releases today, including unemployment rate and claimant count change, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
