GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.56% against the USD and closed at 1.5263.
In the Asian session, at GMT0300, the pair is trading at 1.5267, with the GBP trading marginally higher from yesterday’s close.
In the UK this morning, British Retail Consortium’s like-for-like retail sales rose 1.9% annually in March, slower than an increase of 2.7% reported in the previous month. Separately, the Royal Institution of Chartered Surveyors (RICS) reported that house price balance climbed to -1% in March, from a downwardly revised -7% recorded in the previous month.
The pair is expected to find support at 1.5223, and a fall through could take it to the next support level of 1.5179. The pair is expected to find its first resistance at 1.5327, and a rise through could take it to the next resistance level of 1.5387.
UK’s total trade balance, industrial production, manufacturing production and NIESR GDP estimate data, slated for release later today, shall give a clear insight of the direction in which the British economy is heading.
The currency pair is showing convergence with its 20 Hr moving average and is trading just below its 50 Hr moving average.
