GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.56% against the USD and closed at 1.6125.
The pair opened the Asian session at 1.6132, and is trading at 1.6158 at 4.00GMT. The pair is trading 0.20% higher from the New York session close.
In the UK, nationwide consumer confidence fell 7 points in January 2011 to reach 47 points, from a revised 54 points in December.
The pair has its first short term resistance at 1.6217, followed by the next resistance at 1.6275. The first support is at 1.6054, with the subsequent support at 1.5949.
The Bank of England quarterly inflation report and BoE’s Governor King’s speech is expected to receive increased market attention, with series of UK data due to be released later today.
The currency pair is trading just above its 20 Hr moving average and well above its 50 Hr moving average.
