GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose marginally against the USD and closed at 1.5971.
In the Asian session, at GMT0300, the pair is trading at 1.5997, with the GBP trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.5960, and a fall through could take it to the next support level of 1.5922. The pair is expected to find its first resistance at 1.6027, and a rise through could take it to the next resistance level of 1.6056.
Later during the day, UK is expected to release a report on its consumer price index, which the market expects to rise 0.3% (MoM) in September, following a 0.4% rise in the preceding month. Traders are also expected to keep an eye on the release of UK’s producer price index and retail price index data, due later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
