GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP fell 1.40% against the USD and closed at 1.4258.
In economic news, UK’s construction output rebounded above expectations by 2.5% MoM in April, following a 3.6% decline in March and expanding for the first time in four months.
Further, a survey by the Bank of England showed that Britain’s inflation expectations for the next twelve months rose to 2.0% in May, compared to the previous reading of 1.8%.
In the Asian session, at GMT0300, the pair is trading at 1.4186, with the GBP trading 0.5% lower from Friday’s close.
The pair is expected to find support at 1.4071, and a fall through could take it to the next support level of 1.3955. The pair is expected to find its first resistance at 1.4387, and a rise through could take it to the next resistance level of 1.4587.
Going ahead, investors will look forward to UK’s consumer price index data for May, scheduled to release tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
