GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.33% against the USD and closed at 1.5277.
On the economic front, the number of mortgage approvals in the UK increased to 31,227 in March, from 30,579 in February. The Confederation of British Industry (CBI) in its monthly distributive trade survey reported that retail sales balance dropped 1.0% in April, following a flat reading recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.5323, with the GBP trading 0.30% higher from yesterday’s close.
The pair is expected to find support at 1.5257, and a fall through could take it to the next support level of 1.5192. The pair is expected to find its first resistance at 1.5362, and a rise through could take it to the next resistance level of 1.5402.
UK’s preliminary GDP data due later today is forecast to show a rise in the Q12013.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
