GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.53% against the USD and closed at 1.5901.
The US dollar came under pressure after Federal Reserve Chairman, Ben S. Bernanke, reiterated that the job market in the US is still far from healthy despite signs of improvement in 2011. Meanwhile, he urged the lawmakers to reduce the long-term budget deficit.
This morning, the British Retail Consortium (BRC) reported that shop price inflation in the UK eased to 1.4% in January, the lowest since March 2010, from 1.7% in December.
In the Asian session, at GMT0400, the pair is trading at 1.5892, with the GBP trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 1.5819, and a fall through could take it to the next support level of 1.5745. The pair is expected to find its first resistance at 1.5936, and a rise through could take it to the next resistance level of 1.5979.
With no key UK economic releases in the day ahead, the GBP is expected to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
