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  3. Thursday, 29 May 2014
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COZforex: For the past trading session, the Pound dropped 0.19% against the USD and closed at 1.6810, as the latest batch of encouraging economic data from the US spurred demand for the greenback.

Meanwhile, in the UK, the BoE Governor, Mark Carney, citing growing global inequality, urged both authorities and market participants to introduce fundamental reforms to eradicate the same. Furthermore, he highlighted the need for a clear and trustworthy financial system in his nation to help and support UK’s long-term prosperity.

On the economic front, the British Bankers’ Association reported that UK banks approved 42,173 mortgages in April, the lowest number of mortgages since August 2013.

In technical analysis, COZforex senior currency strategist Ian • Quigley said, GBP/USD is predicted to find support at 1.6769, and a drop through could take it to the next support line of 1.6725. Meanwhile, the pair is predicted to find its first resistance at 1.6870, and a rise through could take it to the next resistance line of 1.6927.

Later today, the CBI is expected to report the UK distributive trades survey, an important indicator to gauge the short-term trends in the nation’s retail and wholesale distribution sector.

(COZ forex UK)
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