GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.06% against the USD and closed at 1.6054, buoyed by the Bank of England (BoE) policymaker, Paul Fisher’s comments that he had no plans to renew his call for more Quantitative Easing (QE) any time soon, given the recovery in the British economy. However, he also warned that even though economic recovery in the nation has been picking up at a faster pace than anticipated, it is still a ‘long way’ for the UK economy to return to normality.
In economic news, UK’s retail sales rose 1.8% (YoY) in October, failing to meet market expectations for a 3.1% rise and compared to a 2.0% increase recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6070, with the GBP trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 1.6004, and a fall through could take it to the next support level of 1.5939. The pair is expected to find its first resistance at 1.6119, and a rise through could take it to the next resistance level of 1.6169.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
