GBPUSD Movement
On Friday, the GBP declined 0.96% against the USD and closed at 1.4749, on the back of downbeat UK construction output data.
Britain’s seasonally adjusted construction output data unexpectedly slid 2.6% on a monthly basis, declining for the first time since May 2013 in January, while markets were expecting it to rise 1.3%, thus denting investor optimism over the nation’s economic outlook.
In the Asian session, at GMT0400, the pair is trading at 1.4757, with the GBP trading 0.06% higher from Friday’s close.
Earlier today, data indicated that the UK Rightmove house price index rose 1.0% MoM in March, down from prior month’s advance of 2.1%.
The pair is expected to find support at 1.4673, and a fall through could take it to the next support level of 1.4588. The pair is expected to find its first resistance at 1.4869, and a rise through could take it to the next resistance level of 1.4980.
Amid no further major economic releases in the UK today, market participants await the release of Britain’s ILO unemployment rate data, scheduled on Wednesday to get better insights in the nation’s economy.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
