GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.18% against the USD and closed at 1.5932, after UK consumer prices rose in March, diminishing expectations for more easing from the Bank of England.
On an annual basis, Consumer Price Index (CPI) in the UK rose 3.5% in March, still above the Bank of England’s 2% target and compared to a 3.4% rise in February. The retail price inflation in the UK fell to 3.6% (YoY) in March, compared to a rate of 3.7% in February. Additionally, DCLG House Price Index in the UK edged up 0.3% (YoY) in February, following a flat reading in January.
In the Asian session, at GMT0300, the pair is trading at 1.5924, with the GBP trading 0.05% lower from yesterday’s close.
The pair is expected to find support at 1.5867, and a fall through could take it to the next support level of 1.5811. The pair is expected to find its first resistance at 1.5976, and a rise through could take it to the next resistance level of 1.6027.
Investors are eying Bank of England (BoE) minutes along with other economic data in the UK to be released later today.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
