GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.27% against the USD and closed at 1.5859, as ongoing concerns over the debt crisis in the Euro-zone and the outlook for global economic growth dampened demand for riskier assets.
In the UK, the RICS House Price Balance Index in the UK rose to -10.0 in March, compared to -13.0 in February. The Leading Economic Index rose to 102.6 in February compared to101.6 in January. Meanwhile, the Coincident Economic Index, remained unchanged at 102.3 in February.
In the Asian session, at GMT0300, the pair is trading at 1.5874, with the GBP trading 0.10% higher from yesterday’s close, after reports showed that British Retail Consortium’s (BRC) monthly retail sales monitor rose 1.3% (YoY) in March, compared to 0.3% decline in the previous month.
The pair is expected to find support at 1.5812, and a fall through could take it to the next support level of 1.5750. The pair is expected to find its first resistance at 1.5934, and a rise through could take it to the next resistance level of 1.5993.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
