GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.09% against the USD and closed at 1.5732, extending its previous session gains.
Yesterday, the OECD forecasted an optimistic economic outlook for the UK economy in 2015 and 2016, citing improvement in the nation’s consumer spending and business investments.
In the Asian session, at GMT0400, the pair is trading at 1.5722, with the GBP trading 0.06% lower from yesterday’s close.
The pair is expected to find support at 1.5670, and a fall through could take it to the next support level of 1.5618. The pair is expected to find its first resistance at 1.5757, and a rise through could take it to the next resistance level of 1.5791.
Going forward, market participants look ahead to the UK’s crucial CPI data, scheduled next week on Tuesday.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
