GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.34% against the USD and closed at 1.6699.
In the US, personal income rose 0.5%, while spending rose 0.6% in March. Additionally, the Thomson Reuters/University of Michigan final index of consumer sentiment climbed to 69.8, from 67.5 in March. The US Chicago purchasing managers’ index decreased from 70.6 in March to 67.6 in April.
Moreover, the employment cost index in the US rose 0.6% in Q1, the fastest pace in a year.
In the morning news, Hometrack reported that the average asking price for a home in the UK was down 3.3% (YoY) in April, standing at £153,100.
The pair opened the Asian session at 1.6675, and is trading at 1.6671 at 3.00GMT. The pair is trading 0.17% lower from the New York session close.
The pair has its first short term resistance at 1.6734, followed by the next resistance at 1.6796. The first support is at 1.6614, with the subsequent support at 1.6556.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
