GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.39% against the USD and closed at 1.6062.
GBP was pressurized, as investor sentiment towards the UK was affected after the UK Chancellor of the Exchequer, George Osborne, increased tax levy on banks. Losses were however capped, as investors await the BoE rate decision on Thursday.
In the UK, retail sales rose 2.3% (Y-o-Y) on like-for-like basis from January 2010, after the previous fall of 0.3% in December. Additionally, RICS Housing Market net price balance rose to -31 in January 2011 from -39 in December.
In the Asian session, at 4:00GMT, the pair is trading flat at 1.6062 from the New York session close.
The pair has its first short term resistance at 1.6143, followed by the next resistance at 1.6224. The first support is at 1.6002, with the subsequent support at 1.5942.
Trading trends in the pair are expected to be determined by release of trade balance in the UK.
The pair is trading below both its 20Hr and 50 Hr moving averages.
