GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.41% against the USD and closed at 1.6021, after Euro-zone Finance Ministers boosted the region’s debt firewall, boosting risk appetite.
Meanwhile, a study by the Organisation of Economic Cooperation and Development (OECD) indicated that the UK is heading back into recession and would be among the slowest of the world’s largest economies to recover in the first half of this year.
In the Asian session, at GMT0300, the pair is trading at 1.599, with the GBP trading 0.09% lower from Friday’s close.
This morning, the Hometrack reported that the average asking price for a home in the UK climbed 0.2% (MoM) in March.
The pair is expected to find support at 1.5958, and a fall through could take it to the next support level of 1.5926. The pair is expected to find its first resistance at 1.6030, and a rise through could take it to the next resistance level of 1.6069.
The manufacturing Purchasing Manager Index (PMI) data is likely to set the tone for Pound in today’s trading session.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
