GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.54% against the USD and closed at 1.6438, as the ECB President, Jean-Claude Trichet, signaled his support for Greek government bond rollovers, lifting demand for riskier assets. Meanwhile, the US FED, yesterday, gave no indication that the FED would commit to a third round of quantitative easing.
In the UK, the halifax house prices rose by 0.1% (M-o-M) in May, up from a 1.4% decline in April. Meanwhile in the morning news, the BRC shop price index in the UK declined to 2.3% in May, from 2.5% rise in April.
The pair opened the Asian session at 1.6438, and is trading at 1.6412 at 3.00GMT. The pair is trading 0.16% lower from yesterday’s close at 23:00 GMT.
The pair has its first short term resistance at 1.6480, followed by the next resistance at 1.6549. The first support is at 1.6334, with the subsequent support at 1.6257.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 20 Hr moving average.
