COZforex: For the 24 hours to 23:00 GMT, GBP fell 0.49% against the USD and closed at 1.6056. In the Asian session, the pair is trading at 1.6062, with the GBP trading marginally higher from yesterday’s close.

The Pound had risen earlier after the UK’s seasonally adjusted retail sales increased 0.6% in September, against the predictions for a 0.4% gain and compared to a revised 0.1% drop in August.

In technical analysis, the pair is predicted to find its first resistance at 1.6142, and a rose through could take it to the next resistance line of 1.6221. The pair is predicted to find support at 1.6012, and a fell through could take it to the next support line of 1.5962.

Trading trends in the pair today are predicted to be determined by the release of UK’s public sector net borrowing.
The currency pair is trading below its 20 Hour and 50 Hour moving averages. (COZ forex UK)


COZ forex Chart:

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