GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.52% against the USD and closed at 1.6005. In the UK, the output price index surged 4.8% (YoY) in January, while the input price index edged up 13.4% (YoY) for the same month. Additionally, the construction output dropped 2.5% in the fourth quarter of 2010 (4Q FY2010), compared to the previously estimated fall of 3.3%.
The pair opened the Asian session at 1.6002, and is trading at 1.6064 at 4.00GMT. The pair is trading 0.37% higher from the New York session close.
The pair has its first short term resistance at 1.6107, followed by the next resistance at 1.6149. The first support is at 1.5993, with the subsequent support at 1.5921.
Trading trends in the pair today are expected to be influenced mainly by release of Britain’s nationwide consumer confidence.
The pair is trading just above its 50 Hr moving average and well above its 20 Hr moving average.
