GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.14% against the USD and closed at 1.6021, as risk appetite rose after regional election results in Spain made it more likely that the country would ask for a bailout.
In the Asian session, at GMT0300, the pair is trading at 1.6012, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5989, and a fall through could take it to the next support level of 1.5967. The pair is expected to find its first resistance at 1.6043, and a rise through could take it to the next resistance level of 1.6075.
Trading trends in the pair today are expected to be determined by the release of BBA mortgage approvals in the UK.
The currency pair is trading just below its 20 Hr and 50 Hr moving averages.
