GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.50% against the USD and closed at 1.5897, as Euro-zone debt concerns continued to dampen risk sentiment. Additionally, strong US consumer sentiment data added to greenback’s gain.
In the UK economic news, goods deficit narrowed to £8.4 billion in September, compared to a deficit of £10.0 billion in August. Meanwhile, construction output dropped 2.6% (QoQ) in the third quarter of 2012. Also, the Conference Board’s leading economic index increased 0.2% (MoM) in October.
In the Asian session, at GMT0400, the pair is trading at 1.5910, with the GBP trading marginally higher from Friday’s close.
The pair is expected to find support at 1.5859, and a fall through could take it to the next support level of 1.5807. The pair is expected to find its first resistance at 1.5990, and a rise through could take it to the next resistance level of 1.6071.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
