GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.14% against the USD and closed at 1.6025. The greenback rose following the release of a slightly less-dovish-than-expected statement from the Federal Reserve.
In a lone economic data release in the UK, Lloyds Business Group reported that its business barometer in UK climbed to a reading of 63.0 in October, from 57.0 recorded in September.
In the Asian session, at GMT0400, the pair is trading at 1.6019, with the GBP trading marginally lower from yesterday’s close. Earlier today, a report from the UK revealed that the Gfk consumer confidence in the nation declined to a reading of -11 in October, defying market expectations for a rise to -8 from a level of -10 registered in the previous month.
The pair is expected to find support at 1.5985, and a fall through could take it to the next support level of 1.5950. The pair is expected to find its first resistance at 1.6067, and a rise through could take it to the next resistance level of 1.6114.
Investors are expected to keep a close tab on the release of UK’s nationwide housing prices data, to get further guidance in the pound.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
