Pound Reverses Its Losses Ahead Of The BOE’s Minutes
GCI Financial | Oct 22, 2014 01:28AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.30% against the USD and closed at 1.6110, after the UK’s public sector net borrowing rose to £11.1 billion in September, following a revised public sector net borrowing of £10.7 billion in the previous month. Markets were expecting it to fall to £9.4 billion in September.
In the Asian session, at GMT0300, the pair is trading at 1.6124, with the GBP trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.6092, and a fall through could take it to the next support level of 1.606. The pair is expected to find its first resistance at 1.6171, and a rise through could take it to the next resistance level of 1.6218.
Trading trends in the Pound today would be determined by the BoE’s minutes for signs of future interest rate decision, scheduled later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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