GBPUSD Movement
For the 24 hours to 23:00 GMT, GBP fell marginally against the USD and closed at 1.5096, as the pound continued to remain under pressure as renewed concerns over the handling of the debt crisis in the Euro-zone continued to dampen investor risk appetite.
In the Asian session, at GMT0400, the pair is trading at 1.5104, with the GBP trading marginally higher from yesterday’s close.
The pair is expected to find support at 1.5071, and a fall through could take it to the next support level of 1.5038. The pair is expected to find its first resistance at 1.5141, and a rise through could take it to the next resistance level of 1.5178.
In the UK, there are a string of important economic releases scheduled for release later today, including the consumer price index which the investors speculate shall record a marginal rise in February. Meanwhile, the annual producer price index and the DCLG house price index are expected to decline slightly in January. Also, the retail price index is forecast to register a gain in February.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
