Header help text

Start trading with a free $30

There is no better time than now
Your first deposit is on us


Grab your $30 from XM

Forex Analysis
by ForexNewsNow Team on October 12, 2010

How will Nationwide consumer confidence impact GBP/USD?

indicator analysis - U.K. consumer confidence data dueNEW YORK (Forex News Now) – The Nationwide Building Society is due on Tuesday to publish the results of its monthly survey of U.K. consumer confidence, in one of the day’s spotlight realtime forex news events.

Nationwide is expected to say its headline consumer confidence index rose to 64 in September, up from 61 in August, two currency market trading news outlets reported.

The building society is scheduled to release the report at 11:01 P.M., GMT; as such, the data is likely to dominate early Asian currency market trading.

According to GBP USD analysis, if the report shows a better-than-expected rise in U.K. consumer morale, GBP/USD could be lifted toward resistance around the high of Oct. 7, 1.6018.

However, should the data show a slower-than-expected increase, or even a decline, cable could be pushed toward support around the low of Sept. 30, 1.567.

By ForexNewsNow Team

This is a general account of the ForexNewsNow Team. It is used to published exclusive content carefully crafted by our experts as well as it is used to bring you the most recent industry highlights from our guest contributors that wish to remain anonymous.

More content by ForexNewsNow Team

Comments (0 comment(s))