Pound Reverses Its Gains In The Asian Session
GCI Financial | Nov 27, 2014 01:26AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.53% against the USD and closed at 1.5792, amid a broad weakness in the greenback.
In economic news, the second estimate of GDP in the UK grew 0.7% on a quarterly basis in 3Q 2014, meeting market expectations. In the prior quarter, the nation’s GDP had risen 0.9%. Meanwhile, the CBI reported that Britain’s retail sales balance registered a drop to 27.0% in November, compared to a reading of 31.0% registered in the previous month, while market expectations were for it to ease to 28.0%.
Other economic data indicated that the UK imports recorded a rise of 1.4% on a quarterly basis in 3Q 2014, after falling 0.3% in the previous quarter, while exports eased 0.4%, following a similar drop registered in the prior quarter in the same period.
In the Asian session, at GMT0400, the pair is trading at 1.5788, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5709, and a fall through could take it to the next support level of 1.5630. The pair is expected to find its first resistance at 1.5837, and a rise through could take it to the next resistance level of 1.5886.
Amid no major economic releases from the UK today, market sentiment would be governed by global macroeconomic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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