GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.18% against the USD and closed at 1.5223, amid mixed US economic data.
In the Asian session, at GMT0300, the pair is trading at 1.5246, with the GBP trading 0.15% higher from yesterday’s close.
Data releases this morning indicated that the Lloyds business sentiment index in the UK rose to a reading of 20.0 in March, compared to a reading of 13.0 reported in the previous month. Additionally, the British Chambers of Commerce indicated that the UK economy would avoid another recession, as export deliveries and orders from the services sector will help propel a “modest” recovery this year.
The pair is expected to find support at 1.5197, and a fall through could take it to the next support level of 1.5148. The pair is expected to find its first resistance at 1.5277, and a rise through could take it to the next resistance level of 1.5308.
Apart from money supply, consumer credit and mortgage approvals data due to release today in the UK, the release of Britain’s Markit manufacturing PMI numbers today is expected to bring some volatility in the British Pound, with market expectations tilted on the upside.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
