GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.51% against the USD and closed at 1.5228.
On the economic front, the Conference Board leading economic index in the UK rose 0.4% in April, following the similar rate of growth recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5224, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5178, and a fall through could take it to the next support level of 1.5132. The pair is expected to find its first resistance at 1.5299, and a rise through could take it to the next resistance level of 1.5374.
The Sterling traders would keenly await the labour market data in the UK to gauge whether the recent improvement in the economy is reflected in the labour market. The UK quarterly inflation report also remains a key event and with the inflation rising well above the central bank’s comfort zone, the report should further dampen calls for more stimulus measures.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
