GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.10% against the USD and closed at 1.5987, on a quiet trading day amid lack of economic releases from the UK.
In the Asian session, at GMT0400, the pair is trading at 1.5987, with the GBP trading flat from yesterday’s close. Earlier today, the Royal Institution of Chartered Surveyors (RICS) reported that UK’s housing price balance rose 57% in October, less than market estimate for a rise of 59% and compared to a 53% increase recorded in the preceding month.
The pair is expected to find support at 1.5959, and a fall through could take it to the next support level of 1.5932. The pair is expected to find its first resistance at 1.6019, and a rise through could take it to the next resistance level of 1.6052.
Traders keenly await the release of UK’s consumer inflation, which is widely expected to rise to 2.5% (YoY) in October, following a reading of 2.7% witnessed in September.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
