GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell 0.91% against the USD and closed at 1.5655.
In the Asian session, at GMT0400, the pair is trading at 1.5659, with the GBP trading marginally higher from yesterday’s close.
In the morning economic releases, UK’s Royal Institution of Chartered Surveyors (RICS) reported that the seasonally adjusted house price balance dropped to a reading of -4.0 in January, compared to a revised reading of -1.0 recorded in the previous month.
The pair is expected to find support at 1.5600, and a fall through could take it to the next support level of 1.5540. The pair is expected to find its first resistance at 1.5765, and a rise through could take it to the next resistance level of 1.5870.
Amidst a string of economic releases in the UK, the consumer price index, DCLG house price index and producer price index, are keenly eyed by investors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
