GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.29% against the USD and closed at 1.6127.
The Pound came under pressure earlier, after the UK data showed a slowdown in consumer inflation in September, raising speculation that the Bank of England would inject a new round of stimulus measures at its monetary policy meeting scheduled next month.
In the UK, annualized rate of consumer price inflation fell to 2.2% in September, down from 2.5% in August. Meanwhile, retail price inflation eased to 2.6% annually in September, from 2.9% in August. Also, the DCLG house price index rose 1.8% (YoY) in August, compared to a 2.0% rise in July.
In the Asian session, at GMT0300, the pair is trading at 1.6128, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.6086, and a fall through could take it to the next support level of 1.6043. The pair is expected to find its first resistance at 1.6152, and a rise through could take it to the next resistance level of 1.6177.
Trading trends in the pair today are expected to be determined by the release of claimant count change and the ILO unemployment rate in the UK. Moreover, the Bank of England minutes is also likely to receive increased market attention.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
