GBPUSD Movement
On Friday, GBP fell marginally against the USD and closed at 1.5078. On Friday, the Bank of England Governor, Mervyn King opined that the Pound is “properly valued” and indicated that the UK recovery is “in sight”.
On the economic front, UK’s CB leading economic index climbed 0.4% in February, following a 0.1% growth registered in January.
In the Asian session, at GMT0400, the pair is trading at 1.5095, with the GBP trading 0.11% higher from Friday’s close.
In the UK, Rightmove reported this morning that the average asking price for a home rose 1.7% (MoM) in March, compared to a 2.8% rise reported in the previous month.
The pair is expected to find support at 1.5049, and a fall through could take it to the next support level of 1.5003. The pair is expected to find its first resistance at 1.5159, and a rise through could take it to the next resistance level of 1.5223.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
