GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.20% against the USD and closed at 1.6140. The US Dollar advanced against the UK Pound after a report revealed that industrial production in the US rose more-than-expected in the month of September.
Whereas, in the UK, the CBI distributive trades survey showed that, on a monthly basis, realized sales in the nation plunged to a reading of 2.0 in October, nowhere near to market expectation for a fall to 33.0 from a level of 34.0 registered in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.6097, with the GBP trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 1.6037, and a fall through could take it to the next support level of 1.5978. The pair is expected to find its first resistance at 1.6183, and a rise through could take it to the next resistance level of 1.6270.
Later today, UK is scheduled to release reports on consumer credit, mortgage approvals and the nation’s M4 money supply.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
