GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.51% against the USD and closed at 1.6030, as expectations for more easing by the Bank of England waned following remarks late Tuesday by the central bank’s Governor, Mervyn King.
According to a survey conducted by Confederation of British Industry (CBI), UK’s factory order book balance dropped sharply to -23 in October, hitting the lowest level since December and compared to a reading of -8 in September. Analysts had expected the balance to improve to -6.
In the Asian session, at GMT0300, the pair is trading at 1.6040, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5968, and a fall through could take it to the next support level of 1.5896. The pair is expected to find its first resistance at 1.6080, and a rise through could take it to the next resistance level of 1.6120.
Trading trends in the pair today are expected to be determined by the release of UK’s GDP and Nationwide housing prices.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
