GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.47% against the USD and closed at 1.6201.
Dallas Fed President, Richard Fisher, stated that the Federal Reserve has done enough to get the economy back on solid footing and now it is in the hands of the legislators to preserve the economic recovery by getting the nation’s fiscal situation in order.
In the morning news, UK retail sales fell 0.4% (M-o-M) on a like-for-like basis from February 2010, after a 2.3% rise the previous month. Additionally, RICS Housing Market net price balance rose by 5 points to reach -26 in February 2011 from -31 in January.
The pair opened the Asian session at 1.6201, and is trading at 1.6204 at 4.00GMT. The pair is trading 0.02% higher from the New York session close.
The pair has its first short term resistance at 1.6303, followed by the next resistance at 1.6401. The first support is at 1.6145, with the subsequent support at 1.6085.
The currency pair is trading well below its 20 Hr and 50 Hr moving averages.
