GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.23% against the USD and closed at 1.5902. However, during the intraday session it came under pressure, as market participants were jittery amid new uncertainty over the extent of the US economic recovery, following Friday’s downbeat nonfarm employment data.
Investors were also cautious after consumer price inflation in China accelerated by 3.6% in March, up from 3.2% in February and above expectations for a 3.3% increase.
Trading volumes were thin yesterday, with markets in the UK and the Euro-zone closed for the Easter holidays.
In the Asian session, at GMT0300, the pair is trading at 1.5930, with the GBP trading 0.17% higher from yesterday’s close, after a better-than-expected RICS Housing Price Balance data in March, indicated an improvement in the UK housing market.
The Royal Institution of Chartered Surveyors (RICS) reported that, on a seasonally adjusted basis, the House Price Balance Index in the UK rose to a reading of -10.0 in March, marking the highest level since June 2010 and compared to a reading of -13.0 posted in February.
The pair is expected to find support at 1.5876, and a fall through could take it to the next support level of 1.5822. The pair is expected to find its first resistance at 1.5957, and a rise through could take it to the next resistance level of 1.5985.
Trading trends in the pair today are expected to be determined by release of DCLG House Price Index and BRC retail sales monitor data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
