Pound Reverses Its Losses In The Asian Session
GCI Financial | Nov 17, 2014 01:07AM ET
On Friday, GBP fell 0.17% against the USD and closed at 1.5680, after the UK’s construction output rose 1.8% on a monthly basis in September, lower than market expected increase of 4.0% and following a drop of 3.0% in August.
In the Asian session, at GMT0400, the pair is trading at 1.5719, with the GBP trading 0.25% higher from Friday’s close.
Earlier today, the BoE Governor, Mark Carney stated that banking regulators need to devise new measures to regulate the fixed pay of bankers as well their bonuses so that it could be brought back in case of any malpractice.
Early morning data indicated that Britain’s Rightmove house price index fell 1.7% on a monthly basis in November, after registering a rise of 2.6% in the prior month.
The pair is expected to find support at 1.5629, and a fall through could take it to the next support level of 1.5538. The pair is expected to find its first resistance at 1.5774, and a rise through could take it to the next resistance level of 1.5828.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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