GBP/USD: Pound reverses previous session losses

January 16, 2013

GBPUSD Movement

For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6062, as market sentiment was hit by concerns over the US debt ceiling debate.

In the UK economic news, the retail price index climbed 3.1% (YoY) in December, compared to a 3.0% rise in November. Meanwhile, the consumer price index climbed 2.7% (YoY) in December, in line with the market expectations and compared to a similar rise in November. Separately, the producer price index-output fell 0.1% (MoM) in December, compared to a downwardly revised decrease of 0.3% in November, while the producer price index-input decreased 0.2% (MoM) in December, compared to a 0.1% rise in November.

In the Asian session, at GMT0400, the pair is trading at 1.6066, with the GBP trading marginally higher from yesterday’s close.

The pair is expected to find support at 1.6032, and a fall through could take it to the next support level of 1.5999. The pair is expected to find its first resistance at 1.6100, and a rise through could take it to the next resistance level of 1.6135.

The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.

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