GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.6724, as the latter advanced following an upbeat US consumer inflation data.
In the UK, the National Statistics reported that consumer price index in the UK rose 1.6% (YoY), in-line with market expectations for March. Likewise, UK retail price index also came in at par with economists’ estimates for March but was the lowest since December 2009. Separately, the Office for National Statistics (ONS) indicated that Britain house prices rose 9.1% (YoY) in February 2014.
In the Asian session, at GMT0300, the pair is trading at 1.6725, with the GBP trading tad higher from yesterday’s close.
The pair is expected to find support at 1.6673, and a fall through could take it to the next support level of 1.6622. The pair is expected to find its first resistance at 1.6763, and a rise through could take it to the next resistance level of 1.6802.
Later today, the National Statistics is scheduled to report UK claimant count and the ILO unemployment data, which is expected to show an improvement in March and February, respectively.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
