GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.46% against the USD and closed at 1.5869, amid positive UK economic data.
Yesterday, UK’s GfK consumer confidence index rose to a reading of -26.0 in January, compared to a reading of -29.0 recorded in December. Meanwhile, the Nationwide Building Society reported that house prices climbed 0.5% (MoM) in January, faster than the expected 0.2% increase.
In the Asian session, at GMT0400, the pair is trading at 1.5870, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5805, and a fall through could take it to the next support level of 1.5739. The pair is expected to find its first resistance at 1.5906, and a rise through could take it to the next resistance level of 1.5941.
Trading trends in the pair today are expected to be determined by the release of the Markit manufacturing PMI in the UK.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
