HomeContributorsFundamental AnalysisGBP/USD: UK's GfK Consumer Confidence Improved In January

GBP/USD: UK’s GfK Consumer Confidence Improved In January

For the 24 hours to 23:00 GMT, the GBP declined 0.71% against the USD and closed at 1.2492.

In the Asian session, at GMT0400, the pair is trading at 1.2508, with the GBP trading 0.13% higher against the USD from yesterday’s close.

Overnight data showed that UK’s GfK consumer confidence unexpectedly improved to a level of -5.0 in January, compared to market expectations of a drop to -8.0 and following a level of -7.0 in the prior month. Also, the nation’s Lloyds business barometer index eased to a level of 29.0 in January, compared to a level of 39.0 in the previous month.

The pair is expected to find support at 1.2450, and a fall through could take it to the next support level of 1.2392. The pair is expected to find its first resistance at 1.2578, and a rise through could take it to the next resistance level of 1.2648.

Moving ahead, UK’s consumer credit and mortgage approvals data, both for December, scheduled to release in a few hours, will keep investors on their toes.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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