GBPUSD Movement
On Friday, the GBP rose 0.30% against the USD and closed at 1.5560.
In economic news, the construction output in Britain surprisingly eased 0.8% on a monthly basis in April, while it was expected to increase 0.1%. The fall reverses March’s surprise 1.4% rise.
Separately, a leading rating agency has cut its economic outlook for the UK economy to “negative”, because of the decision of a referendum on the nation’s membership in the EU by 2017.
In the Asian session, at GMT0300, the pair is trading at 1.5537, with the GBP trading 0.15% lower from Friday’s close.
Overnight data showed that Britain’s Rightmove house price index rebounded 3.0% MoM in June, following a 0.1% drop in the previous month.
The pair is expected to find support at 1.5469, and a fall through could take it to the next support level of 1.5402. The pair is expected to find its first resistance at 1.5602, and a rise through could take it to the next resistance level of 1.5667.
Amid no economic releases in the UK today, investors look forward to the nation’s consumer price inflation data, scheduled tomorrow for further cues.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
