GBPUSD Movement
On Friday, GBP fell 0.12% against the USD and closed at 1.6578, after the UK, mortgage lender, Halifax reported that house prices fell 1.1% (MoM) in March, their biggest fall in nearly two years, compared to a revised 2.5% rise in February. Meanwhile, the Society of Motor Manufacturers and Traders revealed that the number of new cars sold in the UK climbed to a decade high in March.
Separately, the Bank of England (BoE) Executive Director for financial stability, Andrew Haldane urged officials to monitor assets as mispricing of the same could pose stability risk to the nation’s financial sector.
In the Asian session, at GMT0300, the pair is trading at 1.6572, with the GBP trading slightly lower from Friday’s close.
The pair is expected to find support at 1.6548, and a fall through could take it to the next support level of 1.6524. The pair is expected to find its first resistance at 1.6602, and a rise through could take it to the next resistance level of 1.6632.
Amid lack of major economic releases for the UK, traders would eye global economic news for further cues in the currency pair.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
