Pound Trading Higher This Morning
GCI Financial | Oct 20, 2014 02:08AM ET
On Friday, GBP marginally declined 0.08% against the USD and closed at 1.6089.
The BoE’s policymaker, Andrew Haldane remained pessimist about the UK economy and opined that given the current economic outlook of the nation, the central bank could keep interest rates low till middle of the next year.
In the Asian session, at GMT0300, the pair is trading at 1.6090, with the GBP trading a tad higher from Friday’s close.
Overnight data indicated that, the UK’s Rightmove house price index registered a rise of 2.6% on a monthly basis in October, after registering a rise of 0.9% in the previous month.
The pair is expected to find support at 1.6037, and a fall through could take it to the next support level of 1.5984. The pair is expected to find its first resistance at 1.6135, and a rise through could take it to the next resistance level of 1.6180.
Going forward, investor sentiments would be governed by economic releases from other countries.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
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