GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.13% against the USD and closed at 1.5705, after the
latest survey by Hometrack revealed that house prices in the UK remained unchanged for January. The agency further cautioned that “downward pressure” on prices would continue amid
constrained demand.
This morning in the UK, the Gfk consumer confidence rose to -29.0 in January, compared to -33.0 in December.
In the Asian session, at GMT0400, the pair is trading at 1.5733, with the GBP trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 1.5677, and a fall through could take it to the next support level of 1.5621. The pair is expected to find its first resistance at 1.5766, and a rise through could take it to the next resistance level of 1.5799.
With a series of UK economic releases today, including money supply and net consumer credit, trading in the pair is expected to be influenced by the resulting cues from these releases.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
