GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 1.01% against the USD and closed at 1.6485, as manufacturing activity in the UK expanded at a slower pace in April.
In the UK, the manufacturing purchasing manager index declined to 54.6 in April from 56.7 in March. According to Distributive Trades Survey conducted by the Confederation of British Industry, 45.0% of retailers stated the volume of sales increased in the year to April, while 24.0% reported a fall. The resulting balance of positive 21.0% was in line with market expectations. Additionally, the British Retail Consortium reported that an index measuring shop prices, on an annual basis, increased by 2.5% in April, compared to a 2.4% rise recorded in March.
The pair opened the Asian session at 1.6485, and is trading at 1.6457 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 1.6586, followed by the next resistance at 1.6715. The first support is at 1.6390, with the subsequent support at 1.6323.
With a series of UK economic releases today, including money supply and nationwide housing prices, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading well below its 50 Hr moving average.
