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.

Publication source
GCI information  GCI reviews

February 17, 2017
Golds rally may falter
The gold price has racked up its 2nd straight day of gains today on the back of US dollar weakness and doubts over an interest rate hike next month from the US Federal Reserve...
February 16, 2017
Where is black gold heading?
The Euro is slowly going down and this is not brought on by the Eurozone situation. Instead, this is fueled by the U.S. Dollar. Yesterday, Janet Yellen gave a speech in the Senate Banking Committee emphasising the fact that it Is not quite right to use the wait-and-see stance regarding the interest rate hike...
February 14, 2017
Will France exit the euro?
The Euro has come under pressure late in the European session today, after analysts warned of the huge costs that France would face should they decide to ditch the European currency...

FxPro Rating
Larson&Holz IT Ltd Rating Rating
FXCM Rating
XM Rating
OANDA Rating

Porter Finance Rating
Empire Option Rating
Binary Brokerz Rating
OptionBit Rating
Beeoptions Rating
IQ Option Rating