Pound Extends Its Gains In The Asian Session
GCI Financial | Nov 21, 2014 01:26AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.5691, following stronger than expected monthly retail sales in the UK.
Britain’s retail sales rose 0.8% on a monthly basis in October, exceeding market expectations for a rise of 0.3% and following a drop of 0.3% in September, thus fuelling optimism over the country’s economic outlook.
In economic data, UK’s CBI trends selling prices index recorded an unexpected rise to -1.0 in November, compared to market expectations of a drop to -5.0.
In the Asian session, at GMT0400, the pair is trading at 1.5703, with the GBP trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 1.5644, and a fall through could take it to the next support level of 1.5585. The pair is expected to find its first resistance at 1.5750, and a rise through could take it to the next resistance level of 1.5798.
Trading trends in the Pound today would be determined by the UK’s public sector net borrowing data, scheduled in a few hours.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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