GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.74% against the USD and closed at 1.5108, amid lackluster economic data.
In economic news, manufacturing PMI in the UK rose to a reading of 48.3 in March, from a reading of 47.9 in February. Market had expected the reading to rise to 48.5. Separately, mortgage approvals dropped to 51,653 in February, from a revised 54,187 approvals in January. Net Lending to individuals increased by £1.5 billion in February, compared to £0.6 billion in January. Also, net consumer credit increased by £0.6 billion in February, from £0.5 billion registered in the previous month. Additionally, M4 money supply slid 0.5% (MoM) in February, compared to a 0.9% rise recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5088, with the GBP trading 0.13% lower from yesterday’s close.
Data released this morning indicated that the British Retail Consortium’s (BRC) annual shop price inflation in the UK rose to 1.4% in March, the highest since December 2012 and compared to a 1.1% rate recorded in the previous month.
The pair is expected to find support at 1.5023, and a fall through could take it to the next support level of 1.4958. The pair is expected to find its first resistance at 1.5206, and a rise through could take it to the next resistance level of 1.5324.
In the UK today, investors expect a rise in the Halifax house prices, but less than the previous month’s record. Additionally, construction PMI data would also garner market interest.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
