GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.65% against the USD and closed at 1.5228.
Yesterday, consumer confidence in the UK improved to a reading of -22.0 in May, from a reading of -27.0 recorded in the previous month. Market had expected a reading of -26.0.
Late yesterday, the British Chambers of Commerce (BCC) indicated that the UK’s economy would grow by 0.9% this year, compared with a previous forecast of 0.6%, on the back of a revival in services sector. The agency however cautioned that overall growth is still too weak and that the pace of recovery still faces domestic and overseas challenges.
In the Asian session, at GMT0300, the pair is trading at 1.5228, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5145, and a fall through could take it to the next support level of 1.5063. The pair is expected to find its first resistance at 1.5275, and a rise through could take it to the next resistance level of 1.5323.
Mortgage approvals data scheduled for release later in the day would shed some light on the housing market situation in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
