GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.24% against the USD and closed at 1.5545.
In the US, an official report showed that the nation’s consumer confidence rose to a reading of 81.5 during August, defying market expectation of 80.3 and following a level of 81.0 registered in the previous month. Additionally, US Richmond manufacturing activity advanced more than forecast in August.
However, the dollar’s gains were kept in check after the US Defense Secretary, Chuck Hagel highlighted the possibility of the US army to launch a strikes against Syria if President Barack Obama chooses to order an attack.
In the Asian session, at GMT0300, the pair is trading at 1.5532, with the GBP trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.5482, and a fall through could take it to the next support level of 1.5431. The pair is expected to find its first resistance at 1.5583, and a rise through could take it to the next resistance level of 1.5633.
Investors await Bank of England (BoE) Governor, Mark Carney’s speech, schedule to commence later today, who will attempt to clarify the central bank’s “forward guidance” policy to keep interest rates low. Market also awaits the release of CBI Distributive Trades Survey, slated later during the day.
The currency pair is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
