GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.09% against the USD and closed at 1.6177, as risk aversion increased on growing concerns about Spain’s need for a bailout.
In the UK, CBI realized trades rose more-than-expected to a reading of 6.0 in September, from -3.0 in August.
In the Asian session, at GMT0300, the pair is trading at 1.6186, with the GBP trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 1.6148, and a fall through could take it to the next support level of 1.6110. The pair is expected to find its first resistance at 1.6213, and a rise through could take it to the next resistance level of 1.6241.
Markets are expected to closely monitor today’s UK gross domestic product data which is expected to remain in contraction in the second quarter of 2012. Investors also await current account and total business investment data in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
