GBPUSD Movement
For the 24 hours to 23:00 GMT on Friday, GBP fell 0.40% against the USD and closed at 1.6069, amid increased risk aversion, after political uncertainty in Greece heightened concern that the region’s debt crisis would worsen.
In the UK, on an annual basis, output price inflation slowed to 3.3% in April, compared to an upwardly revised 3.7% growth in March. Meanwhile, input price inflation fell to 1.2% (YoY) in April, following a downwardly revised 5.6% rise in March.
In the Asian session, at GMT0300, the pair is trading at 1.6063, with the GBP trading marginally lower from Friday’s close.
The pair is expected to find support at 1.6032, and a fall through could take it to the next support level of 1.6002. The pair is expected to find its first resistance at 1.6113, and a rise through could take it to the next resistance level of 1.6164.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
