GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.27% against the USD and closed at 1.5723.
In the UK, consumer price index fell 0.1% (MoM) in May, compared to a 0.6% rise posted in April, making it lowest level in two-and-a-half years. Separately, on monthly basis retail price index remained unchanged in May, following a 0.7% rise in April. However, house prices rose 1.1% (MoM) in May, the largest rise since March last year.
In the Asian session, at GMT0300, the pair is trading at 1.5722, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5639, and a fall through could take it to the next support level of 1.5556. The pair is expected to find its first resistance at 1.5781, and a rise through could take it to the next resistance level of 1.5840.
Trading trends in the pair today are expected to be determined by the release of Bank of England (BoE) minutes, BoE quarterly bulletin and unemployment rate in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
