GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose marginally against the USD and closed at 1.6790, in a subdued trading session, on account of Easter Monday public holiday.
In a noteworthy event, the Centre of Economics and Business Research (CEBR) projected the UK economy to grow by 3.1% this year and 2.2% in 2015, up from its earlier estimate of 2.8% and 2.0% growth respectively. Furthermore, the institution forecasted UK spending to rise by around 1.5% in 2014, buoyed by wage growth and lower inflation. Separately, a report from Lloyds bank showed that consumer sentiment in the UK economy for March registered the highest reading since the survey began in November 2010.
In the Asian session, at GMT0300, the pair is trading at 1.6794, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.6780, and a fall through could take it to the next support level of 1.6766. The pair is expected to find its first resistance at 1.6814, and a rise through could take it to the next resistance level of 1.6834.
Amid lack of major economic releases from the UK economy, later today, market participants would await the release of the minutes from the BoE’s latest policy meeting, due on Wednesday, for further guidance in the UK Pound.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
