GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.68% against the USD, on Friday, and closed at 1.5846, as weaker-than-expected Chinese GDP growth data, spurred demand for the safe-haven assets.
Separately, Standard & Poor’s affirmed UK’s ‘AAA’ rating, adding that it regards the country’s economic outlook to be ‘Stable’.
The Producer Price Index Input in the UK rose 5.8% (YoY) in March, compared to a 7.8% rise in February. Market expected 4.6% rise in March. Meanwhile, the Producer Price Index Output rose 3.6% (YoY) in March, slightly above expectations of a 3.5% growth and compared to 4.1% rise in February.
In the Asian session, at GMT0300, the pair is trading at 1.5828, with the GBP trading 0.11% lower from Friday’s close.
This morning, the Rightmove survey indicated that on a monthly basis, house prices in the UK rose 2.9% to £243,737 in mid-April, following a 1.6% increase recorded in March.
The pair is expected to find support at 1.5778, and a fall through could take it to the next support level of 1.5728. The pair is expected to find its first resistance at 1.5922, and a rise through could take it to the next resistance level of 1.6016.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
