GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.07% against the USD and closed at 1.6496.
In the UK, the M4 money supply declined by 1.1% (Y-o-Y) in March, compared to a revised 1.4% decline posted in February. The construction purchasing manager index declined to 53.3 in April from 56.4 in March. The nationwide housing prices on a monthly basis, declined by 0.2% in April, following a 0.5% increase recorded in March. Additionally, the total mortgage approvals for house purchase increased to 47,557 in March from 46,708 recorded in February.
The pair opened the Asian session at 1.6496, and is trading at 1.6501 at 3.00GMT. The pair is trading 0.03% higher from the New York session close.
The pair has its first short term resistance at 1.6567, followed by the next resistance at 1.6634. The first support is at 1.6441, with the subsequent support at 1.6382.
Trading trends in the pair today are expected to be determined by the BoE’s interest rate decision.
The currency pair is showing convergence with its 20 Hr moving average and its 50 Hr moving average.
