GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6014.
In the US, new home sales declined 0.3% to a seasonally adjusted annual rate of 368,000 in October, from the revised September rate of 369,000.
In the Asian session, at GMT0400, the pair is trading at 1.6015, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5979, and a fall through could take it to the next support level of 1.5942. The pair is expected to find its first resistance at 1.6036, and a rise through could take it to the next resistance level of 1.6057.
Trading trends in the pair today are expected to be determined by the release of nationwide housing prices, M4 money supply, mortgage approvals, net lending to individuals and the CBI distributive trades survey – realized data in the UK.
The currency pair is trading just above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
