GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.23% against the USD and closed at 1.6339.
On the macro front, the Conference Board (CB) indicated that the UK leading economic index increased 0.4% in October, compared to a revised 1.7% rise reported in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6338, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.6299, and a fall through could take it to the next support level of 1.6261. The pair is expected to find its first resistance at 1.6398, and a rise through could take it to the next resistance level of 1.6459.
Trading sentiment in the pair today are expected to be determined by construction output in the UK along with Monetary Policy Committee (MPC) member, Spencer Dale’s speech, which is expected to would offer a glimpse on the nation’s measures to improve overall economic activity.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
