GBPUSD Movement
On Friday, GBP fell 0.29% against the USD and closed at 1.5183. The greenback advanced as upbeat US economic data raised investor speculation that the Federal Reserve could to taper its stimulus program in the near future.
Meanwhile, on the UK’s economic front, M4 money supply climbed 0.3% in April, against the expected 0.1% increased in April. Also, number of mortgage approvals for house purchases edged up to 53.71K in April.
In the Asian session, at GMT0300, the pair is trading at 1.5218, with the GBP trading 0.23% higher from Friday’s close.
The pair is expected to find support at 1.5159, and a fall through could take it to the next support level of 1.5099. The pair is expected to find its first resistance at 1.5259, and a rise through could take it to the next resistance level of 1.5299.
UK’s Markit manufacturing PMI scheduled for release later today is expected to show a marginal rise in May.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
