GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.37% against the USD on Friday and closed at 1.6234.
BoE Governor, Mervyn King stated that global imbalances threaten the sustainability of the recovery in global demand and failure in addressing this issue could lead to another crisis.
Retail sales volume, including automotive fuel, rose 1.9% (M-o-M) in January, compared to a 1.4% decline recorded in December. In the UK this morning, Rightmove indicated that house prices in the UK gained 3.1% (M-o-M) in February, following a 0.3% rise recorded in the previous month.
The pair opened the Asian session at 1.6251, and is trading at 1.6233 at 4.00GMT. The pair is trading marginally lower from the New York session close.
The pair has its first short term resistance at 1.6281, followed by the next resistance at 1.6329. The first support is at 1.6167, with the subsequent support at 1.6101.
The currency pair is showing convergence with its 50 Hr moving average and is trading just below its 20 Hr moving average.
