Pound Trading Higher In The Asian Session
GCI Financial | Feb 11, 2014 04:44AM ET
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6406.
In economic news, the Lloyds employment confidence index in the UK improved to a reading of -2.0 in January, from a level of -12.0 registered in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.6425, with the GBP trading 0.12% higher from yesterday’s close.
This morning data showed that the UK BRC retail sales monitor rose 3.9% (YoY) in January, surpassing analysts’ estimate for a 0.8% rise and compared to a 0.4% increase recorded in the preceding month.
The pair is expected to find support at 1.6393, and a fall through could take it to the next support level of 1.6362. The pair is expected to find its first resistance at 1.6446, and a rise through could take it to the next resistance level of 1.6468.
With no economic releases from the UK, in the later course of the day, traders are expected to look forward to the Bank of England (BoE) Quarterly Inflation Report, to be released tomorrow which would give a fair idea about any possible changes to the central bank’s forward guidance.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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