GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.02% against the USD and closed at 1.5473, amid rising speculation over additional easing from Bank of England and as concerns surrounding Spanish banking sector propelled traders to move towards safe haven greenback.
In economic news, in the UK, mortgage approvals rose more-than-expected to 51,823 in April, against the market expectation of 50,100 approvals. Additionally, M4 money supply in the UK rose 1.1% (MoM) in April, following contraction of 0.7% in March.
In the Asian session, at GMT0300, the pair is trading at 1.5476, with the GBP trading marginally higher from yesterday’s close, amid rise in consumer confidence in the UK.
Data released this morning showed that, GfK consumer confidence index rose to -29 in May, against the market expectation of fall at -32, and compared to a reading of -31 in April.
The pair is expected to find support at 1.5418, and a fall through could take it to the next support level of 1.5359. The pair is expected to find its first resistance at 1.5580, and a rise through could take it to the next resistance level of 1.5683.
Trading trends in the pair today are expected to be determined by the release of Nationwide house prices in the UK.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
