Pound Reverses Its Losses Ahead Of The UK CPI Data
GCI Financial | Nov 18, 2014 12:40AM ET
For the 24 hours to 23:00 GMT, the GBP fell 0.19% against the USD and closed at 1.5636, extending its earlier session losses.
Yesterday, the UK Prime Minister, David Cameron stated that the world was on the verge of another global economic turmoil, citing weak economic growth in Europe and slowdown across Asia.
In the Asian session, at GMT0400, the pair is trading at 1.5651, with the GBP trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 1.5602, and a fall through could take it to the next support level of 1.5552. The pair is expected to find its first resistance at 1.5719, and a rise through could take it to the next resistance level of 1.5786.
Going forward, investors remain focused on the UK’s crucial consumer price inflation data, set for release in a few hours.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
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