GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP rose 0.94% against the USD and closed at 1.5576, as investor sentiment received a boost after the Bank of England announced a new £80 billion ‘funding for lending’ program, that will offer cheaper loans to households and businesses.
Additionally, the US Dollar came under pressure after the Thomson Reuters/University of Michigan index of consumer sentiment in the US dropped to 72.0 in July, from a reading of 73.2 in June, making it lowest level in the year.
In the Asian session, at GMT0300, the pair is trading at 1.5572, with the GBP trading marginally lower from Friday’s close.
This morning, in the UK, Rightmove house prices fell 1.7% (MoM) in July, compared to a 1.0% rise in June, making it the largest drop in four years.
The pair is expected to find support at 1.5459, and a fall through could take it to the next support level of 1.5347. The pair is expected to find its first resistance at 1.5639, and a rise through could take it to the next resistance level of 1.5707.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
