GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 1.07% against the USD and closed at 1.4361.
In the Asian session, at GMT0300, the pair is trading at 1.4588, with the GBP trading 1.58% higher against the USD from Friday’s close.
Over the weekend, the International Monetary Fund (IMF), once again issued a warning on Brexit, that a vote to leave the European Union (EU) could deliver a “negative and substantial” blow to the British economy and would push the nation into recession next year. Meanwhile, the EU referendum phone poll conducted by BMG Research/Herald Scotland, before the official voting starts later this week, found that the voters put the ‘Remain’ vote ahead of the ‘Leave’ camp.
In other economic news, overnight data showed that, UK’s Rightmove house price index advanced 0.8% MoM in June, following a 0.4% increase in the previous month.
The pair is expected to find support at 1.4334, and a fall through could take it to the next support level of 1.4081. The pair is expected to find its first resistance at 1.4726, and a rise through could take it to the next resistance level of 1.4865.
Moving ahead, investors will look forward to UK’s public sector net borrowing data for May, scheduled to release tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
