GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.33% against the USD and closed at 1.6130.
Over the weekend, the UK Prime Minister, David Cameron stated that the economy is rebalancing toward the private sector as it emerges from recession. He also suggested that the European Union should have a two-tier budget structure, with countries in the Euro region paying more toward governance of the bloc. He further indicated that he would be prepared to use the British veto unless he gets a “good deal” in negotiations over the 2014-20 EU budget.
In the Asian session, at GMT0300, the pair is trading at 1.6108, with the GBP trading 0.13% lower from Friday’s close.
The pair is expected to find support at 1.6068, and a fall through could take it to the next support level of 1.6027. The pair is expected to find its first resistance at 1.6183, and a rise through could take it to the next resistance level of 1.6258.
Trading trends in the pair today are expected to be determined by the RICS housing price balance data in the UK.
The currency pair is trading below its 20 Hr and its 50 Hr moving averages.
