GBPUSD Movement
For the 24 hours to 23:00 GMT, the GBP declined 0.14% against the USD and closed at 1.2929.
In the Asian session, at GMT0300, the pair is trading at 1.2940, with the GBP trading 0.09% higher against the USD from yesterday’s close.
Overnight data showed that UK’s RICS house price balance remained steady at a level of 22.0 in April, compared to market expectations for a drop to a level of 20.0.
The pair is expected to find support at 1.2913, and a fall through could take it to the next support level of 1.2886. The pair is expected to find its first resistance at 1.2977, and a rise through could take it to the next resistance level of 1.3014.
This afternoon will bring the Bank of England’s (BoE) interest rate decision, wherein the central bank is widely expected to keep interest rates on hold. Also, the BoE’s quarterly inflation report accompanied with UK’s construction output, industrial production, manufacturing production, trade balance and NIESR GDP estimate data, will keep investors on their toes.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
