GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP ended flat against the USD and closed at 1.5490.
In the Asian session, at GMT0300, the pair is trading at 1.5484, with the GBP trading marginally lower from yesterday’s close, after the GfK consumer confidence index in the UK slipped to a reading of -27.0 in April, from a reading of -26.0 reported in March.
The pair is expected to find support at 1.5457, and a fall through could take it to the next support level of 1.5430. The pair is expected to find its first resistance at 1.5529, and a rise through could take it to the next resistance level of 1.5574.
Trading trends in the pair is likely to be determined by the release of UK’s consumer credit, M4 money supply and mortgage approvals data due later today.
The currency pair is trading just below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
