Pound Trading Lower In The Asian Session
GCI Financial | Jan 26, 2015 01:12AM ET
On Friday, GBP traded marginally lower against the USD and closed at 1.5013, as investors shrugged off Britain’s unexpected gain in its monthly retail sales in December.
Retail sales in the UK advanced 0.2% on a MoM basis in December, against market expectations for a 0.7% fall and compared to prior month’s 1.7% rise.
Separately, the BoE Governor, Mark Carney in his speech at the World Economic Forum in Davos, praised the measures adopted by the ECB and advocated that its quantitative easing program was “absolutely necessary to preserve the prospects of medium-term prosperity in Europe”.
In the Asian session, at GMT0400, the pair is trading at 1.4997, with the GBP trading 0.11% lower from Friday’s close.
The pair is expected to find support at 1.4953, and a fall through could take it to the next support level of 1.4909. The pair is expected to find its first resistance at 1.5039, and a rise through could take it to the next resistance level of 1.5082.
Trading trends in the Pound today are expected to be determined by the UK BBA mortgage approvals data, set for release in few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
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