GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.65% against the USD and closed at 1.5604.
The UK Chancellor of Exchequer, George Osborne announced that growth forecast for the UK economy in 2011 and 2012 has been revised lower to 0.9% and 0.7%, respectively.
In the UK, the Mortgage approvals rose to 52,743 in October, compared to a reading of 51,193 in the previous month. On a monthly basis, the House Price Index rose 0.4% in November, the same rate of increase in October. Meanwhile, the consumer credit declined by £0.049 billion in October, compared to £0.58 billion rise in September. Additionally, M4 money supply declined 0.3% (MoM) in October, compared to 0.4% decline in September.
In the Asian session, at GMT0400, the pair is trading at 1.5594, with the GBP trading 0.06% lower from yesterday’s close.
This morning, the Gfk Consumer Confidence Index rose to -31.0 in November compared to -32.0 in October.
The pair is expected to find support at 1.5504, and a fall through could take it to the next support level of 1.5413. The pair is expected to find its first resistance at 1.5671, and a rise through could take it to the next resistance level of 1.5747.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
