GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.44% against the USD and closed at 1.6142.
In the UK, nation’s consumer confidence rose 1 point from the previous month to reach -28 points in February 2011, from -29 in January.
The pair opened the Asian session at 1.6142, and is trading at 1.6151 at 4.00GMT. The pair is trading 0.06% higher from the New York session close.
The pair has its first short term resistance at 1.6242, followed by the next resistance at 1.6333. The first support is at 1.6070, with the subsequent support at 1.5989.
With a series of the UK economic releases today, including GDP, index of services and total business investment, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
