GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.59% against the USD and closed at 1.6072.
In the UK, leading indicator index rose by 0.4% (M-o-M) to 103 in January from 102.6 in December. Additionally, the Department of Communities and Local Government (DCLG) reported that housing prices rose 0.5% (Y-o-Y) to £208,552 in January, following an increase of 3.8% recorded in December.
The pair opened the Asian session at 1.6072, and is trading at 1.6055 at 4.00GMT. The pair is trading 0.11% lower from the New York session close.
The pair has its first short term resistance at 1.6137, followed by the next resistance at 1.6219. The first support is at 1.5974, with the subsequent support at 1.5893.
With a series of the UK economic releases today, including claimant count rate and ILO unemployment rate, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
