Pound Trading Higher, Ahead Of The Scottish Independence Outcome
GCI Financial | Sep 19, 2014 02:47AM ET
For the 24 hours to 23:00 GMT, the GBP rose 1.13% against the USD and closed at 1.6434, after the UK retail sales advanced 0.4%, on a monthly basis, in August, exceeding market expectations for a gain of 0.3% and compared to a revised increase of 0.4% registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.6484, with the GBP trading 0.3% higher from yesterday’s close.
The pair is expected to find support at 1.6318, and a fall through could take it to the next support level of 1.6153. The pair is expected to find its first resistance at 1.6587, and a rise through could take it to the next resistance level of 1.6691.
Going forward, the outcome of a highly awaited voting result on the Scottish independence would keep the investors on their toes.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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