GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.06% against the USD and closed at 1.6505.
In the UK, retail sales, on a monthly basis, unexpectedly increased 0.2% in March, compared to a 0.9% decline recorded in the previous month. Additionally, the public sector net borrowing excluding the temporary effects of financial interventions declined to £18.6 billion in March, compared to £19.8 billion recorded in the same period last year. Meanwhile, the Bank of England (BoE) reported that the number of loans approved for house purchases increased to 44,000 in March from 43,000 in February.
The pair opened the Asian session at 1.6505, and is trading at 1.6465 at 3.00GMT. The pair is trading 0.24% lower from the New York session close.
The pair has its first short term resistance at 1.6527, followed by the next resistance at 1.6589. The first support is at 1.6425, with the subsequent support at 1.6385.
Trading trends in the pair today are expected to be determined by release of nationwide housing price index and CBI industrial order expectations in the UK.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
