GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP advanced 0.23% against the USD and closed at 1.6072.
The head of the Bank of England, Mervyn King warned that too many countries were trying to weaken their currencies to offset the impact of the slow global economy and the trend could grow next year.
In the Asian session, at GMT0400, the pair is trading at 1.6085, with the GBP trading 0.09% higher from yesterday’s close.
In the UK, the Royal Institute of Chartered Surveyors reported that house price index unexpectedly declined to a reading of -9.0 in November, from a reading of -7.0 posted in October.
The pair is expected to find support at 1.6034, and a fall through could take it to the next support level of 1.5983. The pair is expected to find its first resistance at 1.6117, and a rise through could take it to the next resistance level of 1.6148.
The pair is expected to trade on the cues from the release of Conference Board leading economic index in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
