GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.41% against the USD and closed at 1.5704, on series of positive data from the UK.
In the UK, on a seasonally adjusted basis, the visible trade deficit in the UK widened to £7.53 billion in January, against the market expectation of £7.9 billion. The Leading Economic Index (LEI) increased 0.9% to 103.1 in January, compared to a 0.5% decline recorded in December.
Additionally, the Department for Communities and Local Government (DCLG) reported that the House Price Index in the UK increased 0.2% (YoY) in January, following a 0.1% rise recorded in December.
In the Asian session, at GMT0400, the pair is trading at 1.5693, with the GBP trading 0.07% lower from yesterday’s close.
The pair is expected to find support at 1.5626, and a fall through could take it to the next support level of 1.5560. The pair is expected to find its first resistance at 1.5753, and a rise through could take it to the next resistance level of 1.5814.
Trading trends in the pair today are expected to be determined by claimant count rate in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
