GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.11% against the USD and closed at 1.5875, as demand for riskier currency weakened after the Euro-zone policymakers refrained from deciding when it would disburse a €31.5 billion tranche of aid to Greece.
In the Asian session, at GMT0400, the pair is trading at 1.5861, with the GBP trading marginally lower from yesterday’s close.
This morning, the Royal Institution of Chartered Surveyors (RICS) reported that, on a seasonally adjusted basis, its house price balance in the UK rose to -7.0 in October, marking its highest reading since December 2009 and compared to an upwardly revised reading of -14.0 recorded in the previous month.
The pair is expected to find support at 1.5841, and a fall through could take it to the next support level of 1.5821. The pair is expected to find its first resistance at 1.5898, and a rise through could take it to the next resistance level of 1.5935.
Trading trends in the pair today are expected to be determined by the release of consumer price index, producer price index and retail price index data in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
