GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.40% against the USD and closed at 1.5541.
Halifax house prices rose 1.1% (MoM) in April, following a revised 0.2% increase recorded in the previous month. Market had expected a rise of 0.1%.
In the Asian session, at GMT0300, the pair is trading at 1.5540, with the GBP trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.5477, and a fall through could take it to the next support level of 1.5415. The pair is expected to find its first resistance at 1.5597, and a rise through could take it to the next resistance level of 1.5655.
Today’s economic docket includes the release of industrial production and manufacturing production data from the UK. However, the Bank of England’s (BoE) interest rate decision and the announcement of asset purchase facility would grab much of the market attention.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
