GBPUSD Movement
On Friday, GBP rose 0.31% against the USD and closed at 1.5227. However, gains in Pound were limited as ratings agency Fitch placed Britain’s ‘AAA’ rating on ‘Negative’ watch. The agency indicated that the persistently weak performance of UK growth has increased uncertainty around the nation’s potential output and longer-term trend rate of growth with significant implications for public finances.
In the Asian session, at GMT0400, the pair is trading at 1.5246, with the GBP trading 0.12% higher from Friday’s close, as data released this morning indicated that house prices in the UK rose 0.3% (MoM) in March, biggest monthly gain in three years, following a 0.1% increase in the previous month.
The pair is expected to find support at 1.5194, and a fall through could take it to the next support level of 1.5143. The pair is expected to find its first resistance at 1.5280, and a rise through could take it to the next resistance level of 1.5315.
Trading trends in the pair today are expected to be determined by the BBA mortgage approvals, wherein investors speculate a rise in mortgage approvals in February.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
