GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP rose 0.28% against the USD and closed at 1.5889, amid mounting expectations that tomorrow’s annual UK budget would contain business-friendly tax adjustments to bolster economic growth.
In economic news, Household Finance Index in the UK dropped to a reading of 37.8 in March, compared to a reading of 38.7 recorded in February.
Separately, Bank of England’s Monetary Policy Committee member, David Miles stated that real house prices are likely to follow an upward trajectory, which may become steeper if population density rises.
In the Asian session, at GMT0400, the pair is trading at 1.5873, with the GBP trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 1.5824, and a fall through could take it to the next support level of 1.5776. The pair is expected to find its first resistance at 1.5918, and a rise through could take it to the next resistance level of 1.5963.
Trading trends in the pair today are expected to be determined by the release of Consumer Price Index, Retail Price Index and trends total orders in the UK.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
