GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.48% against the USD and closed at 1.2822.
Data showed that UK’s consumer price index climbed 1.7% on an annual basis in September, less than market expectations for a rise of 1.8%. The CPI had registered a similar rise in the previous month. Moreover, the nation’s house price index climbed 1.3% on a yearly basis in August, compared to a revised rise of 0.8% in the prior month. Markets had anticipated the index to record a gain of 1.2%. Also, the retail price index rose 2.4% on an annual basis in September, lower than market expectations for an advance of 2.6%. The index had registered an increase of 2.6% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.2820, with the GBP trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2693, and a fall through could take it to the next support level of 1.2566. The pair is expected to find its first resistance at 1.2912, and a rise through could take it to the next resistance level of 1.3004.
Looking ahead, traders would await UK’s retail sales for September, set to release in a few hours.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
