GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.87% against the USD and closed at 1.5374, after the first exit polls showed that Britain’s Prime Minister, David Cameron would retain his power.
In the Asian session, at GMT0300, the pair is trading at 1.5487, with the GBP trading 0.73% higher from yesterday’s close.
The pair is expected to find support at 1.5267, and a fall through could take it to the next support level of 1.5048. The pair is expected to find its first resistance at 1.5603, and a rise through could take it to the next resistance level of 1.5719.
Going forward, markets keenly await the outcome of the UK elections. Meanwhile, Britain’s trade data for March, scheduled in a few hours would give more information about the health of the economy in the first quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
