GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.38% against the USD, on Friday and closed at 1.6378.
In the UK, on an annual basis, the output price inflation rose to 5.4% in March, the fastest pace since October 2008, following a rate of 5.3% recorded in February. Meanwhile, the annual input price growth rose to 14.6% in March, compared to a rate of 14.9% recorded in the previous month. Additionally, on monthly basis, the CB Leading Indicator Index rose to 0.6% in February.
The pair opened the Asian session at 1.6368, and is trading at 1.6369 at 3.00GMT. The pair is trading 0.05% lower from the New York session close.
The pair has its first short term resistance at 1.6425, followed by the next resistance at 1.6481. The first support is at 1.6316, with the subsequent support at 1.6263.
Trading trends in the pair today are expected to be determined by RICS house price balance and BRC retail sales monitor data due to be released in the UK, later today.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
