GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.55% against the USD and closed at 1.5026, amid lack of domestic economic news and as the US Dollar gained on inspiring consumer confidence and home prices data.
In the Asian session, at GMT0300, the pair is trading at 1.5031, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.4988, and a fall through could take it to the next support level of 1.4945. The pair is expected to find its first resistance at 1.5105, and a rise through could take it to the next resistance level of 1.5179.
Ahead in the day, the CBI distributive trades survey data set to release, would provide insights on the UK retail and wholesale distribution sector, which is expected to rebound in May.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
