GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.39% against the USD and closed at 1.5921, as risk appetite improved amid prospects of more rounds of the European Central Bank bond buying, helping calm jitters over recently battered debt for Italy and Spain.
In the UK, a report showed that British retail sales rose at their fastest pace in March, fuelling hopes that the economic recovery is gaining traction.
In the Asian session, at GMT0300, the pair is trading at 1.5929, with the GBP trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 1.5881, and a fall through could take it to the next support level of 1.5834. The pair is expected to find its first resistance at 1.5957, and a rise through could take it to the next resistance level of 1.5986.
Trading trends in the pair today are expected to be determined by release of goods trade balance data in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
