GBPUSD Movement
On Friday, GBP rose 0.15% against the USD and closed at 1.5406, after Britain’s CB leading economic index rose 0.1% in December, after dropping 0.3% in the preceding month.
In the Asian session, at GMT0400, the pair is trading at 1.5431, with the GBP trading 0.16% higher from Friday’s close.
Early morning data revealed that the Rightmove house price index in the UK climbed 2.1% on a monthly basis in February, following a rise of 1.4% registered in January.
Over the weekend, the BoE policymaker, Martin Weale stated that the central bank needs to raise its interest rate sooner than market expectations, as the nation’s inflation was improving from its current low levels.
The pair is expected to find support at 1.5389, and a fall through could take it to the next support level of 1.5346. The pair is expected to find its first resistance at 1.5456, and a rise through could take it to the next resistance level of 1.5481.
Going forward, investors would monitor Britain’s crucial consumer prices data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
