GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.75% against the USD and closed at 1.6077.
In economic news, new car registrations in the UK registered a rise of 5.6%, on an annual basis, in September. It follows an increase of 9.4% registered in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.6032, with the GBP trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 1.5961, and a fall through could take it to the next support level of 1.5891. The pair is expected to find its first resistance at 1.6101, and a rise through could take it to the next resistance level of 1.6171.
Trading trends in the Pound today would be mainly determined by the NIESR’s UK GDP estimate for the three months to September, scheduled later in the day.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
