GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP rose 0.34% against the USD and closed at 1.5227, extending its previous session gains.
Yesterday, data showed that the CBI trends selling prices in the UK recorded a drop to -3.00 in April, lower than market expectations of a drop to a level of 2.00 and compared to a level of 4.00 in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5227, with the GBP trading flat from yesterday’s close.
The pair is expected to find support at 1.5134, and a fall through could take it to the next support level of 1.5042. The pair is expected to find its first resistance at 1.5291, and a rise through could take it to the next resistance level of 1.5356.
Going forward, Britain’s initial estimate of GDP growth, scheduled in a few hours will be in focus, as it will provide the first indication of the health of the nation’s economy at the start for the second quarter.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
