Pound Trading Lower, Ahead Of UK’s Inflation Data
GCI Financial | Oct 13, 2015 01:37AM ET
For the 24 hours to 23:00 GMT, the GBP rose 0.14% against the USD and closed at 1.5343.
In the Asian session, at GMT0300, the pair is trading at 1.5312, with the GBP trading 0.21% lower from yesterday’s close.
Overnight data showed that UK’s like-for-like retail sales rose more than anticipated by by 2.6% YoY in September, compared to a 1.0% decline in August. Investors had expected it to advance 1.5%.
The pair is expected to find support at 1.5283, and a fall through could take it to the next support level of 1.5253. The pair is expected to find its first resistance at 1.5358, and a rise through could take it to the next resistance level of 1.5404.
Going ahead, market participants will concentrate on Britain’s inflation data, scheduled to be released later today to gauge the strength in the nation’s economy, especially after last week’s BoE minutes revealed that the central bank was cautious about the nation’s inflation outlook
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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