Britain’s Consumer Confidence Dropped To A Six-Month Low In November
GCI Financial | Nov 27, 2015 01:21AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.16% against the USD and closed at 1.5102.
In the Asian session, at GMT0400, the pair is trading at 1.5095, with the GBP trading marginally lower from yesterday’s close.
Early morning data showed that UK’s Gfk consumer confidence index fell to a level of 1.0 in November, notching its lowest level in six months, from a reading of 2.0 in the previous month. Investors had expected it to remain unchanged.
The pair is expected to find support at 1.5063, and a fall through could take it to the next support level of 1.5032. The pair is expected to find its first resistance at 1.5130, and a rise through could take it to the next resistance level of 1.5164.
Moving ahead, investors will keep an eye on UK’s Q3 GDP data, scheduled to be released in a few hours.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
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