GBPUSD Movement
On Friday, GBP rose 0.35% against the USD and closed at 1.5487.
In the Asian session, at GMT0300, the pair is trading at 1.5521, with the GBP trading 0.22% higher from Friday’s close, as the greenback loses further steam in the wake of weaker-than-expected economic-growth number and caution ahead of a busy week of data and monetary-policy decisions.
This morning, Hometrack reported that house prices in the UK rose 0.3% (MoM) in April compared to a similar revised rise reported in the previous month. Meanwhile, the Lloyds business barometer advanced to a reading of 27.0 in April from a reading of 20.0 reported in March.
The pair is expected to find support at 1.5451, and a fall through could take it to the next support level of 1.5380. The pair is expected to find its first resistance at 1.5559, and a rise through could take it to the next resistance level of 1.5596.
Trading trends in the pair today are expected to be determined by the release of UK’s Gfk consumer confidence data.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
