GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.13% against the USD and closed at 1.6119. The US Dollar came under pressure as investors refrained from taking riskier bets in the currency amid a deadlock in the US budget talks.
In the Asian session, at GMT0300, the pair is trading at 1.6068, with the GBP trading 0.32% lower from yesterday’s close. Earlier today, a report showed that the BRC shop price index in the UK registered a decline of 0.2% (MoM) in September, compared to a 0.5% fall witnessed in the previous month.
The pair is expected to find support at 1.6016, and a fall through could take it to the next support level of 1.5964. The pair is expected to find its first resistance at 1.6123, and a rise through could take it to the next resistance level of 1.6178.
Trading trends in the pound is expected to be determined by NIESR estimate on UK’s GDP growth for the three months till September. Investors are also expected to keep a close watch on UK’s industrial production, manufacturing production and trade balance data, scheduled to release later during the day, for further guidance in the Pound.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
