GBPUSD Movement
GBP/USD: Pound backpedals in Asian session
For the 24 hours to 23:00 GMT, GBP rose 0.72% against the USD, on Friday, and closed at 1.6505, amid concerns that the Euro zone debt crisis may worsen and as weak US economic data boosted the relative appeal for the Pound.
In the UK, the nationwide housing prices rose by 0.3% (M-o-M) in May, compared to 0.2% decline in April.
The pair opened the Asian session at 1.6495, and is trading at 1.6482 at 3.00GMT. The pair is trading 0.14% lower from Friday’s close.
The pair has its first short term resistance at 1.6532, followed by the next resistance at 1.6581. The first support is at 1.6416, with the subsequent support at 1.6349.
The currency pair is showing convergence with its 20 Hr moving average and is trading just above 50 Hr moving average.
