GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.73% against the USD and closed at 1.2706, amid mounting worries over “no-deal” Brexit.
Macroeconomic data revealed that UK’s Gfk consumer confidence slid to a level of -10.0 in October, at par with market expectations. The consumer confidence had recorded a level of -9.0 in the previous month. Additionally, the nation’s Lloyds Bank business barometer eased 19.0% in October, compared to a reading of 29.0% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.2705, with the GBP trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2663, and a fall through could take it to the next support level of 1.2622. The pair is expected to find its first resistance at 1.2779, and a rise through could take it to the next resistance level of 1.2854.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
